* Corn close to 8-year high hit last week
* Concern cold in U.S. may slow corn plantings
* Weaker dollar supports grains, soybeans (Recasts with European trade, adds new comment, changes dateline)
By Michael Hogan
HAMBURG, April 19 (Reuters) - Chicago corn futures rose more than 1% on Monday, as cold weather in key growing areas in the United States stoked fear plantings could be hindered with land transferred to soybeans.
Soybeans and wheat also rose with the weaker dollar boosting U.S. export prospects.
Chicago Board of Trade most-active corn had risen 1.5% to $5.94-3/4 a bushel by 1050 GMT, hovering close to eight-year highs of $6.01-1/2 hit on Thursday.
Soybeans rose 0.8% to $14.35 a bushel, wheat rose 0.6% to $6.59 a bushel.
“Corn is being supported today by forecasts of more cold weather in parts of the U.S. Midwest which could slow corn plantings,” said Matt Ammermann, StoneX commodity risk manager.
He said that markets had been expecting rapid U.S. corn sowings with questions now being raised about whether the delays would prompt a switch to soybeans.
“But it is still early to talk about serious problems. I think current corn prices are attractive to farmers and if you give farmers only around five days of good weather they can plant a huge area.”
U.S. corn continues to look competitive in world markets compared to supplies from rivals Brazil and Ukraine.
In China, corn was trading above wheat prices which could suck in more corn imports to cool the Chinese market, a trader said.
“Wheat is underpinned by the weaker dollar which helps U.S. exports and dryness in the northern U.S. Plains and parts of Canada," Ammermann said. "There is also some background concern about the growing political tension between Russia and Ukraine which could have a dramatic impact on wheat prices.”
He noted soybeans were also supported by the weaker dollar, and tight U.S. old crop inventories, while U.S. crushing continued at a brisk rate which, along with any more U.S. exports, could further diminish stocks. (Reporting by Michael Hogan, editing by Kirsten Donovan)
© Copyright Thomson Reuters 2021. Click For Restrictions - http://about.reuters.com/fulllegal.asp
The Link LonkApril 19, 2021 at 06:02PM
https://ift.tt/3xaEFIQ
GRAINS-Corn rises on worry cold could hinder U.S. sowings - Successful Farming
https://ift.tt/3gguREe
Corn
No comments:
Post a Comment