US corn agency as sizzling climate outlook provides to crop considerations

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PARIS: Chicago corn rose on Monday, extending positive aspects right into a fourth consecutive session, as forecasts for warm, dry climate within the US Midwest added to worries about harvest prospects after a rain-plagued planting season.

Wheat edged up, monitoring corn. Soybeans additionally ticked greater, with the Midwest climate dangers encouraging the oilseed market to consolidate after a pointy drop on Friday.

Essentially the most lively corn futures on the Chicago Board Of Commerce have been up 0.6pc at $4.44-3/Four a bushel, as of 1239 GMT.

Hotter temperatures final week had been seen by merchants as useful in serving to fields dry out and increase plant growth.

However newest forecasts displaying warmth constructing additional within the subsequent two weeks, with restricted rainfall, have been inflicting concern that late-planted corn and soybeans could also be careworn.

“Grain markets rose in a single day for a fourth session as forecasts present constant sizzling, dry climate all through main rising areas threatening newly planted crops,” brokerage Allendale stated in a be aware.

Merchants are awaiting the US Division of Agriculture’s weekly crop progress report, revealed in a while Monday, for an replace on area situations.

The USDA final week rated 56laptop of the corn crop as good-to-excellent, and simply 54laptop for soybeans.

Grain markets are additionally looking forward to Thursday’s month-to-month provide and demand forecasts from the USDA.

The USDA wrongfooted the market with its end-June acreage report, through which it pegged corn plantings nicely above commerce expectations and soybeans decrease than anticipated.

Essentially the most lively CBOT soybean futures inched up 0.1pc to $8.95 a bushel, having closed down 1.6pc on Friday regardless of brisk weekly export gross sales.

CBOT wheat additionally ticked up 0.1pc, to $5.15-1/2 a bushel.

Wheat costs have been capped by an advancing US harvest and first rate prospects for European crops, though downward revisions to forecasts of wheat manufacturing in prime exporter Russia added some warning to the market.

Copyright Reuters, 2019

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