As of 12:51 p.m. CDT (1751 GMT), CBOT July corn was up 1-1/2 cents at $3.70-3/4 per bushel. July soyabeans were down 2-1/2 cents at $9.63-3/4 a bushel after dipping to $9.60-1/2, the contract's lowest since May 1. CBOT July wheat was down 3/4 cent at $4.33 a bushel. Corn rose as some forecasts added more moisture for next week, at a time when US farmers are trying to finish planting following rain delays in recent weeks, and flooding in portions of the southern Midwest.
Funds hold a large net short position in CBOT corn futures, leaving the market vulnerable to bouts of short-covering. In theory, farmers who are behind on planting corn could shift some of those acres to soyabeans, which can be seeded well into June without much loss of yield potential.
Informa Economics on Friday raised its projection of US 2017 soyabean plantings to 89.662 million acres, above the US Department of Agriculture's March 31 figure of 89.5 million acres, the private analytics firm said in a note to clients. Informa estimated US corn plantings of 89.716 million acres, below the USDA's figure of 90.0 million acres. CBOT soyabeans were pressured by increased estimates of South America's harvest. Brazil's statistics agency Conab on Thursday raised its estimate of the country's 2016/17 crop to a new record of 113 million tonnes, from 110.2 million last month.
Wheat futures were little changed in choppy trade. Plentiful global supplies continue to cap rallies, but the market drew underlying support from excessive moisture in the US Plains and Midwest that has threatened winter wheat production potential.
Copyright Reuters, 2017