USA: Corn and wheat extend losses, soybeans edge higher
Maize (Corn)
Wheat
Soybean
United States
Published May 26, 2022
Tridge summary
U.S. corn futures extended losses in early trade on Wednesday, hovering near a six-week low, as planting picked up pace in the United States and top buyer China allowed corn imports from Brazil. * Soybeans edged higher on lower planting and strong export demand, while wheat edged lower as analyst APK-Inform raised its forecasts for Ukraine’s 2022/23 grain crop and exports because of a better-than-expected winter harvest.
Original content
* The most-active corn contract on the Chicago Board of Trade (CBOT) eased 0.42% to $7.68-1/2 a bushel as of 0158 GMT, after falling 1.8% on Tuesday. * Wheat was down 0.19% at $11.52-1/4 a bushel and soybeans edged 0.16% higher to $16.95-3/4 a bushel. FUNDAMENTALS * The United States Department of Agriculture (USDA) said on Monday that 72% of the U.S. corn crop had been seeded as of May 22, near the high end of expectations and up from 49% in the prior week. * Soybean planting was 50% complete by Sunday, the USDA said, up from 30% a week earlier. The figure was ahead of the average analyst estimate of 49%, but behind the five-year average of 55%. * China’s customs authority signed an agreement with Brazil to allow imports of Brazilian corn, posing a possible threat to U.S. exports. * The USDA said spring wheat seeding was 49% complete as on Sunday, below the lowest in a range of trade estimates and well behind the five-year average of 83%. MARKET NEWS * Oil prices rose in early ...
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