SINGAPORE: Chicago corn rose for the first time in three sessions on Wednesday, with buying at current levels underpinning prices after a pullback, although gains were limited by expectations of bumper US production and ample Brazilian supplies.
Soybeans and wheat also firmed after losses.
“There is little reason to be bullish for grains at the moment,” a Singapore-based trader said.
“At the same time, the market has suffered deep losses, so prices may have bottomed out and importers are seeing this as a buying opportunity.”
The most-active corn contract on the Chicago Board of Trade (CBOT) added 0.4% to $4.16 a bushel, as of 0342 GMT. Soybeans gained 0.1% at $10.18-3/4 a bushel and wheat rose 0.3% to $5.49-3/4 a bushel.
The US Department of Agriculture said 74% of the US corn crop was in good or excellent condition, up 1 percentage point from a week earlier and the highest for this time of year since 2018.
Weather has been largely favourable for both crops, and Commodity Weather Group said a lack of extreme heat is expected to limit major stress in the coming weeks.
Large US harvests would add to bumper production in rival exporter Brazil.
The agency rated 66% of the US soybean crop as good to excellent on Monday, unchanged from last week but down from 68% a year earlier.
The market is worried that tariff disputes with key trading partners may hurt demand for US crops at a time when farmers are increasingly expected to produce large yields.
US President Donald Trump broadened his global trade war this week as he announced a 50% duty on imported copper and tariffs on goods from 14 nations.
For wheat, agricultural consultancy Sovecon said on Tuesday it had raised its forecast for Russia’s wheat exports for the 2025-2026 season by 2.1 million metric tons to 42.9 million tons, reflecting improved crop prospects and competitive prices.
Exports in the previous season, which ended on June 30, are estimated at 40.8 million tons.
European Union soft wheat exports in the 2024/25 season that ended on June 30 totalled 20.33 million tons, down 35% from 2023/24, data published by the European Commission showed on Tuesday.
Commodity funds were net sellers of CBOT corn, soybean and soymeal futures contracts on Tuesday, traders said. Funds were net buyers of wheat and soyoil futures, they said.
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