SINGAPORE: Chicago corn and soybeans slid on Tuesday, with both markets facing pressure from rapidly advancing US planting, amid a trade war with top farm goods importer China.
Wheat ticked higher on bargain-buying after last session’s deep losses, although gains were curbed by forecasts of much-needed rains in the US winter crop belt.
“There is a lot of uncertainty over US-China trade relations and big crops in the US will add pressure on prices,” said a grains broker in Singapore.
The most-active corn contract on the Chicago Board of Trade (CBOT) had fallen by 0.4% to $4.81-1/2 a bushel as of 0336 GMT and soybeans gave up 0.3% to $10.59-3/4 a bushel.
Wheat added 0.5% to $5.33-1/2 a bushel, after dropping 2.5% on Monday. US farmers had planted 24% of corn crop as of Sunday, the US Department of Agriculture (USDA) said on Monday, one percentage point behind analysts’ average estimate but ahead of the five-year average of 22%.
The USDA said soybean crop was 18% planted, ahead of both the five-year average of 12% and analysts’ average estimate of 17%.
US farmers were expected to increase corn planted acreage to a 12-year high in 2025, while cutting soybean acres to a five-year low amid a trade war with China, by far the world’s biggest soybean importer.
Rain is projected to aid wheat crops in the US Plains over the next 10 days and parts of Texas and Oklahoma may receive six to eight inches, Commodity Weather Group said.
Experts suggest continuation of hybrid maize in Pakistan
That should benefit yields for the region’s hard red winter wheat, used to make bread.
After trading closed on Monday, the USDA rated 49% on the nation’s winter wheat crop as being in good or excellent condition, up from 45% a week ago and above expectations of 47%.
Commodity funds were net sellers of CBOT wheat, corn and soymeal futures contracts on Monday, traders said.
Funds were net buyers of soybean and soyoil futures, they said.
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