SYDNEY, June 6: US new-crop corn rose for the first time in four sessions, edging up as traders waited for confirmation that farmers would be able to complete sowing as expected across the Midwest.
Soybeans fell, giving back all gains from the previous day, while wheat rose, underpinned by forecasts for lower production from the United States.
Chicago Board of Trade December corn had climbed 0.23 percent to $5.43-1/2 a bushel by 0321, having hit a nine-day low of $5.40-1/2 a bushel earlier in the session. Corn closed down 1.94 percent on Tuesday.
‘The market is looking for some confirmation that US farmers will be able to achieve what everyone thinks they will,’ said Brett Cooper, senior markets manager at INTL FCStone Australia, referring to the pace of corn sowing.
Corn has come under sustained pressure this week on forecasts for a break in the wet weather across the US Midwest, helping farmers to complete sowing. The outlook for the newly planted corn has been improved by the recent damp weather.
US corn planting was pegged at 91 percent complete at the end of the last week by the US Department of Agriculture.
Corn also gained support from some early unwinding of positions ahead of the USDA demand and supply forecast next week, analyst said.
Commodity funds sold a net 8,000 Chicago Board of Trade corn contracts on Wednesday, trade sources said.
July soybeans fell 0.26 percent to $15.28 a bushel after closing up 0.21 percent in the previous session.
Soybean prices shrugged off the threat that Argentine farmers may temporarily halt crop sales at some point in the next two months to protest government trade and economic policies that they say hurt profits.
July wheat rose 0.18 percent to $7.02-3/4 a bushel after falling 1.06 percent on Wednesday when expectations of weak demand for US stocks weighed on prices.
The USDA will release its latest grain and soy export figures on Thursday, with the market expecting a drop-off in US sales from the previous week.
Wheat drew support from forecasters lowering estimates for US wheat as a result of dry weather in May, traders said.
Private analytics firm Informa Economics lowered its estimate of 2013 US winter wheat production to 1.494 billion bushels from 1.529 billion in its previous monthly report, it said in a note to clients on Wednesday.
(agencies)
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