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Markets

Wheat firms as dry weather threatens North American plantings

  • Brazil's second-crop corn planting could see yields trimmed by an estimated 3.6% this year, Agroconsult said.
08 Apr 2021

CANBERRA: US wheat futures edged higher on Thursday as dry weather in several North American growing regions raised concerns of an impact to planting timeline.

FUNDAMENTALS

  • The most-active wheat futures on the Chicago Board of Trade were up 0.1% at $6.17 a bushel by 0241 GMT, having closed up 0.1% on Wednesday.

    • Soybean futures were down 0.2% to $14.06-1/4 a bushel, having closed down 0.7% on Wednesday.

    • Corn futures fell 0.1% to $5.59-3/4 a bushel, having gained 1.1% in the previous session.

    • Spring wheat planting across the US Upper Great plains and Canadian prairie has been hampered by extreme dryness that could negatively affect yields.

  • Brazil looks to export 16.3 million tonnes of soybeans in April, up from 14.2 million acres a year ago, as well as 22,000 tonnes of corn, according to Brazilian grain export association ANEC.

    • Brazil's second-crop corn planting could see yields trimmed by an estimated 3.6% this year, Agroconsult said.
  • Market awaits corn USDA to adjust grain usage in its monthly supply and demand assessment.