CBOT corn climbs on delayed planting in Brazil
- New-crop futures have been limited by an expected increase in U.S. plantings this spring.
CHICAGO: Chicago Board of Trade corn futures gained on Tuesday as traders weighed delayed second-crop planting in Brazil against beneficial rains in Argentina, analysts said.
CBOT May corn added 2-1/4 cents to $5.51-1/4 per bushel.
New-crop December corn added 1-3/4 cents to settle at $4.69-3/4 per bushel.
Improved crop weather in South America, including needed rains in dry Argentina added pressure to corn futures, though persistent rains in Brazil delayed soybean harvest and subsequent second-crop corn planting.
New-crop futures have been limited by an expected increase in U.S. plantings this spring.
The U.S. Department of Agriculture is due to report 2021 planting intentions on March 31.
South African maize farmers are expected to harvest 6pc more of the staple crop in the 2020/2021 season compared with the previous season, boosted by favourable weather conditions and increased plantings, a Reuters survey showed.
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