Corn sets 5-year high, soybeans advance on poor U.S. weather
(Recasts; updates prices; adds quotes, USDA and NOPA data;
changes byline, dateline previously Hamburg)
By Julie Ingwersen
CHICAGO, June 17 (Reuters) - U.S. corn futures touched a
five-year high on Monday and soybeans advanced, supported by
forecasts for more rains in the Midwest where wet conditions
have delayed plantings and cast doubts on production prospects,
Chicago Board of Trade wheat closed modestly higher after a
CBOT July corn settled up 1-3/4 cents at $4.54-3/4 a
bushel after reaching $4.64-1/4, a contract high and the highest
price for a most-active contract since June 2014.
July soybeans ended up 16 cents at $9.12-3/4 a bushel
after reaching $9.14, the contract's highest level since April
15. CBOT July soft red winter wheat rose 1 cent to settle
at $5.39-1/2 a bushel.
In corn, most contracts hit life-of-contract highs.
"A majority of corn acreage was planted relatively late in
the season, shortening the degree-day exposure which is critical
for yield. Corn could face further serious yield threats," said
Michael Magdovitz, senior agriculture commodities analyst at
Yet CBOT soybean futures posted the day's biggest gains as
traders shifted their planting worries to the oilseed.
After the CBOT close, the U.S. Department of Agriculture
said U.S. soybean planting was 77% finished by Sunday, lagging
the average trade estimate of 79% and the five-year average of
The U.S. corn crop was 92% seeded, in line with trade
expectations but behind the average of 100%.
Forecasts for the next week remained wet for the southern
and central Midwest, space technology company Maxar said in a
"The continued excessive rainfall ... will prevent remaining
soybean planting, stall winter wheat maturation and harvesting,
reduce winter wheat quality and likely lead to flooding," Maxar
Support from weather woes helped to offset disappointing
monthly soy crushing data. The National Oilseed Processors
Association (NOPA) said its members crushed 154.8 million
bushels of soybeans in May, below an average of trade estimates
for 162.5 million.
CBOT wheat futures closed firm, following corn and soybeans
and bucking pressure from the start of the U.S. winter wheat
The USDA said 8% of the winter wheat crop was harvested by
Sunday, behind the five-year average of 20%. Condition ratings
remained relatively strong with 64% of the winter wheat seen as
good to excellent, up from 39% a year ago.
Globally, the Australian Bureau of Agricultural and Resource
Economics and Sciences (ABARES) lowered its forecast of 2019/20
wheat exports to 11.7 million tonnes, from 14.2 million
previously, citing drought.
Export prices for 2019/20 Russian wheat were stable last
week, with analysts forecasting a possible rise on continued dry
and hot weather in the Black Sea region.
"You have pretty favorable weather in the EU, but we are
still seeing hot and dry conditions in parts of Ukraine and
Russia," said Terry Reilly with Futures International in
Chicago. "Wheat might be finding a little bit of support after
Australia cut their outlook on exports."
CBOT settlement prices:
Net Pct Volume
Last change change
CBOT wheat WN9 539.50 1.00 0.2 65109
CBOT corn CN9 454.75 1.75 0.4 261820
CBOT soybeans SN9 912.75 16.00 1.8 150621
CBOT soymeal SMN9 324.30 0.80 0.2 49880
CBOT soyoil BON9 28.14 0.53 2.0 54506
NOTE: CBOT July wheat, corn and soybeans shown in cents per
bushel, July soymeal in dollars per short ton and July soyoil in
cents per lb.
(Reporting by Julie Ingwersen
Additional reporting by Michael Hogan, Naveen Thukral and Colin
Packham; Editing by Leslie Adler)
First Published: 2019-06-17 02:46:23
Updated 2019-06-17 23:06:05
© 2019 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.