SINGAPORE: Chicago corn futures lost more ground on Friday, with the market set for its biggest weekly drop in almost a month on forecasts of higher US planting this year.
Wheat and soybeans slid.
The most-active corn contract on the Chicago Board of Trade (CBOT) was down 0.5% at $4.47-3/4 a bushel, as of 0240 GMT, taking the weekly losses to 3.6%, its biggest since early March. Wheat lost 0.6% to $5.29 a bushel and soybeans gave up 0.3% to $10.13-3/4 a bushel.
Grain markets are awaiting Monday’s US planting and stocks data from the US Department of Agriculture, as well as seeking greater clarity on broad tariffs promised by US President Donald Trump from April 2. US farmers will plant 94.361 million acres with corn this year, up from 90.594 million in 2024, according to an average of analysts polled by Reuters before the USDA report.
The wheat market is under pressure from forecasts of rain in the US and Russian wheat belt, sluggish US wheat export sales and an agreement to implement a deal in the Black Sea, market analysts said.
Corn prices struggle on US planting outlook, soybeans firm
Brazilian farmers are expected to reap a record 172.1 million metric tons of soybeans in the 2024/2025 season, agribusiness consultancy Agroconsult forecast on Thursday after a nationwide crop tour of 13 states that began in January.
Commodity funds were net buyers of CBOT soybean, soymeal and soyoil futures contracts on Thursday, traders said.
They were net sellers of corn and wheat futures contracts, traders said.
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