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SINGAPORE/PARIS — Chicago corn jumped to
its highest in more than a month on Tuesday, gaining 2.4% after
a U.S. government report showed crop conditions had worsened
amid hot and dry weather in key regions across the Midwest.
Wheat rose 1.7%, extending strong gains made in the two
previous sessions, while soybeans added nearly 1%.
“The market has focussed on reports coming from scouts in
the western Midwest,” said Tobin Gorey, director of agricultural
strategy at the Commonwealth Bank of Australia.
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“Crop problems are suspected of being greatest in that
region, and the reports coming back so far (are) mostly bad.”
The Chicago Board of Trade (CBOT) most-active corn contract
was up 2.4% at $6.44-3/4 a bushel as of 1050 GMT, after
climbing earlier in the session to the highest since July 11 at
$6.44-3/4 a bushel.
Wheat rose 1.7% to $8.01-1/2 a bushel, and soybeans
added 0.9% to $14.48 a bushel.
Condition ratings for corn and soybeans declined in the
latest week, the U.S. Department of Agriculture (USDA) said
after the market closed on Monday, bucking analyst expectations
for no change as stressful dry conditions continued to impact
crops.
In its weekly crop progress report, the USDA rated 55% of
the U.S. corn crop in good-to-excellent condition, down from 57%
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the previous week. For soybeans, the government rated 57% of the
crop as good-to-excellent, down from 58% previously.
South Dakota corn yields were projected at 118.45 bushels
per acre (bpa), the Pro Farmer Midwest Crop Tour said on Monday,
the worst on the tour since 2012 and well below the 2021 crop
tour average of 151.45 bpa and the three-year crop tour average
of 161.59 bpa.
“The evolution of crop conditions remains an important
element to follow, especially as the counts in the U.S. fields
show a lower yield potential than last year,” French consultancy
Agritel said in a note.
The European Union’s crop monitoring service MARS on Monday
also lowered its yield forecasts for summer crops in the bloc,
with major cuts in maize (corn), sunflower and soybeans, as it
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expected further damage from the recent dry and hot weather.
Crop prospects in the EU have taken on extra significance
this year as Russia’s invasion of Ukraine – a major wheat, corn
and sunflower exporter – has disrupted Black Sea exports.
Russian grain exports remain below their usual pace, raising
concerns about storage space, according to analysts.
A total of 33 cargo ships carrying around 719,549 tonnes of
foodstuffs have left Ukraine under a deal brokered by the United
Nations and Turkey to unblock Ukrainian sea ports, the
agriculture ministry said on Tuesday.
Commodity funds were net buyers of CBOT soybean, wheat,
soymeal, corn and soyoil futures contracts on Monday, traders
said.
Prices at 1030 GMT
Last Change Pct
Move
CBOT wheat 801,50 13,25 1,68
CBOT corn 644,75 15,75 2,50
CBOT soy 1448,00 12,75 0,89
Paris wheat 323,25 6,50 2,05
Paris maize 320,50 8,00 2,56
Paris rapeseed 617,50 -5,25 -0,84
WTI crude oil 92,03 1,67 1,85
Euro/dlr 0,9916 0,00 -0,25
Most active contracts – Wheat, corn and soy U.S.
cents/bushel, Paris futures in euros per tonne
(Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips
and Jan Harvey)
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