Corn hits one-week high on US crop worries, soybeans firm
CORN•Corn futures rose to a one-week high and soybeans gained as concerns about US crop conditions supported prices. The USDA said harvests were behind analyst expectations and the five-year average pace.
1. Corn and soybeans rise
Chicago corn futures rose 0.1% to $5.08¼ a bushel, after reaching their highest level since September 30. Soybeans added 0.3% to $13.07¼, while wheat fell 0.1% to $7.03½.
2. Harvest and crop concerns
The USDA said farmers had harvested 23% of the US corn crop and 25% of soybeans as of Sunday, below analyst expectations and the five-year average pace. The agency also cut its estimate of corn rated in good-to-excellent condition more than expected. The USDA is due to update its harvest outlooks in a supply-and-demand report on Friday.
3. Wheat and weather factors
Attacks on grain vessels in the Black Sea limited wheat’s decline. Recent rains raised concerns about soybean crop quality and oil content, while a meteorologist said El Niño was brightening Argentina’s crop prospects but raising early concerns about dryness in northern Brazil.
