Chicago corn climbed to a more than two-week high on Thursday, while soybeans rose for a fifth consecutive session with bargain-buying supporting both markets after recent losses.

Wheat also firmed, rising to a more than one-week high on positioning ahead of the U.S. Independence Day holiday weekend, with markets closed on Friday.

“U.S. weather is pretty normal for corn and we have (a) big supply coming from Brazil,” said one broker of agricultural commodities.

“Prices are going to remain under pressure but a lot of news on the supply front has already been factored into the market and there is likely to be some buying interest at these levels.”

The most-active corn contract on the Chicago Board of Trade (CBOT) ZC1! rose 1.3% to $4.39-1/4 a bushel as of 1143 GMT, after hitting its highest since June 16 earlier in the session at $4.40-1/4 a bushel.

Soybeans ZS1! gained 0.6% to $10.54-1/4 a bushel and wheat ZW1! rose 0.3% to 5.65-1/2 a bushel.

Largely favourable crop development weather had dragged corn and soybean prices to multi-month lows in recent sessions as warm temperatures and timely rains boosted U.S. harvest prospects.

The optimal conditions coincide with harvesting by rival exporter Brazil of what some analysts expect to be a record second-corn crop.

Abundant supplies are hanging over the wheat market, with U.S. farmers progressing with their harvests, while crops in Europe and the Black Sea region are expected to be sizeable despite harsh weather, including a heatwave in western Europe this week where the harvest is in full swing.

Dry weather in southern Ukraine during sowing and plant growth stages has significantly reduced winter wheat and barley yields, scientists at the Ukrainian National Academy of Agrarian Sciences said on Wednesday.

The country will start exporting wheat from the 2025 harvest in mid-July and its export prices could rise by $20 to $30 per metric ton later this year, reflecting a global shortage of supply, a producers’ union UAC said on Thursday.

Commodity funds were net buyers of CBOT corn, wheat, soybean and soybean oil futures contracts on Wednesday and net sellers of soymeal, traders said. (COMFUND/CBT)
Source: Reuters