CHICAGO: US corn futures hit life-of-contract highs on Thursday, supported by tightening global supplies and an uncertain production outlook as the Russia-Ukraine war continued to rattle grain markets, analysts said.
However, trade was choppy and deferred corn contracts turned lower at times as traders took profits ahead of a three-day holiday weekend. US markets will be closed on Good Friday.
Soybeans were higher while wheat futures fell after a four-session climb.
As of 12:45 p.m. CDT (1745 GMT), Chicago Board of Trade May corn was up 8-1/2 cents at $7.92 per bushel after setting a contract high at $7.92-3/4. New-crop December corn, representing the 2022 harvest, was up 1-1/4 cents at $7.37.
CBOT May soybeans were up 10-1/2 cents at $16.86-1/2 a bushel while May wheat was down 10-3/4 cents at $11.02-3/4 a bushel.
For the week, CBOT May corn was up 3%, May wheat was up 4.8% and May soybeans were up 0.1%.
Uncertainty about US planting weather loomed ahead of the long weekend. Field work is off to a slow start in the Midwest this spring because of cool and wet conditions, although it’s still early. The US Department of Agriculture said the corn crop was 2% seeded as of April 10, behind the five-year average of 3%.
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