October 4, 2022

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Corn prices drop on U.S. crop condition, wheat eases after rally

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SINGAPORE — Chicago corn futures slid on Tuesday, with better-than-expected condition of the U.S. crop easing concerns over world supplies and adding pressure on prices.

Wheat prices dipped, but the market was holding on to much of last session’s gains on support from concerns about lengthy disruptions to shipments from the Black Sea region as Russia-Ukraine war intensified.

FUNDAMENTALS

* The most-active corn contract on the Chicago Board of Trade (CBOT) lost 0.6% to $7.38 a bushel, as of 0019 GMT, after rising 2% in the previous session.

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* Wheat slid 0.4% to $10.89 a bushel, after climbing more than 5% on Monday, while soybeans lost 0.3% to $16.94 a bushel, have finished little changed in the previous session.

* The U.S. Department of Agriculture (USDA) on Monday rated 73% of the U.S. corn crop as good to excellent in its first condition ratings for the 2022 crop, above the average estimate of 68% in a Reuters analyst poll.

* In a weekly crop progress report, the USDA said U.S. farmers had planted 94% of their intended corn acres by Sunday, up from 86% a week earlier and ahead of the five-year average of 92%, despite a slow start following a cold, wet spring in much of the Midwest.

* For soybeans, the agency said U.S. farmers had planted 78% of their intended acreage, below the average estimate in the Reuters poll of 80%. The USDA’s figure was up from 66% a week ago, but just behind the five-year average of 79%. The government expects to release soybean condition ratings starting with next week’s report.

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Reuters

2022-06-06 20:37:00

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