Corn rises on US harvest delays; soybeans, wheat ease
CORN•Chicago corn rose 0.1% to $4.97-1/2 a bushel as excessive rain slowed the US Midwest harvest; soybeans and wheat each fell 0.1%. US farmers had harvested 23% of corn and 25% of soybeans, below the five-year average pace.
1. Harvest delays support corn
Chicago corn firmed as excessive rain in the US Midwest slowed harvesting, particularly in Iowa. Soybeans edged lower after closing higher in the prior session, while wheat prices also ticked down.
2. Harvest progress below average
The most-active corn contract rose 0.1% to $4.97-1/2 a bushel, while soybeans fell 0.1% to $12.80 and wheat gave up 0.1% to $6.91-3/4. The US Department of Agriculture said farmers had harvested 23% of corn and 25% of soybeans, below the average pace over the past five years. Forecast dry weather across much of the central US this week could help speed harvesting, market analysts said.
3. Wheat supply concerns
Disruptions to global supplies amid the Russia-Ukraine war have supported wheat prices in recent weeks. A major Saudi purchase also supported prices on Monday.
