SINGAPORE: Chicago corn futures rose almost 1% on Thursday while soybeans were trading close to last session's two-week high, as lower-than-expected US plantings supported prices.Wheat prices fell after Wednesday's rally.

FUNDAMENTALS

• The most-active corn contract on the Chicago Board of Trade (CBOT) rose 0.9% to $5.93-1/2 a bushel, as of 0026 GMT.

  • Soybeans were unchanged at $13.99 a bushel, while wheat lost 0.7% to $6.74-1/2 a bushel.

• On Wednesday, corn futures climbed by their daily exchange-imposed limit after the US Department of Agriculture (USDA) pegged plantings of the crop at 92.692 million acres, below analysts' expectations for 93.787 million.

• The agency said soybean plantings totalled 87.555 million acres, compared to analysts' expectations for 88.955 million.

• In its quarterly stocks report, the USDA said domestic corn supplies on June 1 stood at 4.122 billion bushels, the lowest for that date since 2014. Soybean stocks came in at a six-year low of 767 million bushels and wheat stocks were 844 million bushels, also the lowest in six years.

• Analysts had predicted corn stocks of 4.144 billion bushels, soybean stocks of 787 million and wheat stocks of 859 million.

• US estimates are fuelling global supply concerns as inventories are slim and growing areas in North and South America are grappling with unfavourable weather.

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