Grains-Chicago corn extends rally on low yield prospects, weak crop ratings
CORN•Global grain export risks remain in focus
In Argentina, a major corn exporter, El Niño weather phenomenon supports sowing even as pest risks and higher costs weigh on farmers' plans, the Buenos Aires Grains Exchange said on Tuesday.
The country is expected to plant 8.4 million hectares of corn for the 2026/27 season, unchanged from the previous cycle.
Traders are also monitoring disruptions to grain exports from the Black Sea region.
Russian wheat export prices fell last week, but some analysts said the prices were largely symbolic as shipments from southern ports have been virtually halted due to the escalating conflict with Ukraine.
Export prices in the Baltic region — where the bulk of shipments are most likely to be redirected due to its ability to handle them — were significantly higher than in Novorossiysk, but changed little over the week.
Russia, the world's largest wheat exporter, has been looking into an array of urgent measures to bolster grain exports and support farmers after Ukrainian drone attacks stopped shipments through the Sea of Azov and the Black Sea.
Corn extends rally on weaker U.S. crop outlook
Corn futures on the Chicago Board of Trade (CBOT) extended their rally on Wednesday, drawing support from falling yield expectations for U.S. corn and weak condition ratings, while wheat rose and soybeans fell.
The most-traded corn contract on the CBOT Cv1 was up 0.7% at $5.27-1/4 a bushel, as of 0215 GMT. CBOT wheat Wv1 gained 1.5% to $7.13-1/2 a bushel. Soybeans Sv1 were down 0.1% at $12.37 a bushel.
