3 hrs ago
Corn Near One-Week High as U.S. Crop Concerns Support Prices
Corn and soybean prices went up a little on Wednesday.
Traders are worried that U.S. crops may not be in as good condition as hoped.
Harvesting is also progressing more slowly than analysts expected.
Rain delayed some work, and farmers are now harvesting as weather forecasts are watched closely.
Recent rain has also raised concerns about the quality of soybeans.
Attacks on ships in the Black Sea have added worries about grain supplies.
The U.S. agriculture department will publish updated crop outlooks on Friday.
Weather patterns in South America could also affect crop prospects there.
Chicago corn rose 0.2% to $5.08¾ a bushel, near Tuesday’s one-week high, while soybeans and wheat each edged up 0.1%.
The U.S. Department of Agriculture said 23% of corn and 25% of soybeans had been harvested as of Sunday, below analyst expectations and the five-year average pace.
The USDA also cut its estimate of corn in good-to-excellent condition more than expected; traders are watching Midwest weather and harvest progress.
Black Sea attacks on grain vessels added to concerns about supplies disrupted by the Russia-Ukraine war.
The USDA is scheduled to update its corn and soybean outlooks in a monthly supply-and-demand report on Friday.
- Who
- Grain traders and U.S. farmers; the U.S. Department of Agriculture reported harvest progress.
- What
- Corn and soybean prices rose amid concerns about U.S. crop conditions and harvest pace; wheat was little changed overall.
- Where
- Chicago grain markets; crop and harvest concerns center on the U.S. Midwest, with supply concerns also involving the Black Sea and South America.
- When
- Wednesday; the USDA reported harvest progress as of Sunday and is due to issue an updated outlook on Friday.
- Why
- Slower-than-expected U.S. harvest progress, a downgrade in corn condition ratings, weather concerns, and attacks on grain vessels influenced market sentiment.
Key facts
- Corn price move
- Up 0.2% to $5.08¾ a bushel as of 0011 GMT; it had reached its highest level since September 30 on Tuesday.
- Soybean price move
- Up 0.1% to $13.04 a bushel.
- Wheat price move
- Up 0.1% to $7.04¾ a bushel as of 0011 GMT; wheat had closed higher Tuesday.
- Corn harvested
- 23% of the U.S. crop as of Sunday, according to the USDA.
- Soybeans harvested
- 25% of the U.S. crop as of Sunday, according to the USDA.
- Next USDA update
- A monthly supply-and-demand report covering U.S. corn and soybean outlooks is due Friday.
- Black Sea incidents
- Two merchant ships, including one carrying grain, were hit Tuesday off Bulgaria; another vessel was struck Monday outside Romania’s territorial waters.
Sources
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