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Markets

Corn eases after 3 sessions of gains, US crop worries limit losses

  • Chicago corn futures down, US dryness limits drop in prices
  • Wheat falls after rally, soybean futures edged higher
Published July 15, 2021
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SINGAPORE: Chicago corn futures on Thursday retreated from a near two-week high hit in the previous session, although losses were limited by worries about crops in key US growing regions.

Wheat dipped after a rally, while soybean ticked higher.

"We are in the middle of US corn and soybean growing season and the market is going to be volatile," said one Singapore-based grains trader. "There have been rains in some US areas, while many parts are still dry."

The most-active corn contract on the Chicago Board of Trade (CBOT) lost 0.1% at $5.58 a bushel, as of 0319 GMT, having gained 3.3% in the previous session.

Soybeans added 0.1% to $13.84 a bushel and wheat fell 0.2% to $6.53-1/4 a bushel.

Corn and soybeans are being underpinned by a sustained dry weather across the US Midwest, which threatens productions.

July is the main period for corn pollination, a key phase in determining yield, while August is more important for soybeans.

Argentine growers will harvest 20.5 million tonnes of wheat this season, thanks to a good weather that has increased planting on the Pampas grains belt, the Rosario grains exchange said on Wednesday, increasing its earlier estimate of 20 million tonnes.

Germany's 2021 wheat harvest of all types will increase 3.2% on the year to 22.80 million tonnes although some crops have suffered from a recent heatwave, the country's association of farm cooperatives said on Wednesday.

Commodity funds were net buyers of CBOT corn, soybean, wheat, soymeal and soyoil futures contracts on Wednesday, traders said.

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