Chicago | Reuters—Chicago corn futures ticked up in rangebound trade on Thursday as stout export sales, weather concerns in Argentina and strong demand added support, analysts said.
Soybean futures ended higher but remained under pressure from dismal export sales and a rapid Brazilian harvest. Wheat also ended higher after a choppy day as prices were underpinned by strong export sales and weather risks in key growing areas.
A subdued grain market was also awaiting more developments in U.S. President Donald Trump’s initiatives to negotiate an end to the war in Ukraine and impose tariffs on trading partners.
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The most-active Chicago Board of Trade corn contract Cv1 settled up 3-1/4 cents at $4.93-1/2 per bushel. Most-active soybeans Sv1 settled up 2-1/4 cents at $10.30 per bushel.
Though U.S. corn has seen heavy international buying interest this week, farmer selling has kept a ceiling on prices, analysts said.
Meanwhile, yield losses from hot, dry conditions in recent months across Argentina’s corn and soy belts have added a boost to prices, though improved rainfall during February helped slash the dryness.
“There’s quite a bit of concern about the Argentina crop,” Brian Basting, analyst at Advance Trading, said. “This is a critical time.”
Farmers in neighboring Brazil are rapidly harvesting what is expected to be a record crop, adding pressure to soy prices as buyers shift purchases of soy to South America.
CBOT wheat Wv1 settled up 3-1/2 cents at $5.77-3/4 per bushel.
Traders are also monitoring cold fronts in the U.S. Plains and Black Sea region for potential freeze damage to winter wheat crops, though forecasts for snow are expected to insulate much of the dormant crop from blistering weather.
Trump on Wednesday ordered U.S. officials to begin talks on ending the war in Ukraine after a phone call with Russian President Vladimir Putin.
Russia and Ukraine are major grain exporters and, while Black Sea trade has continued during the conflict, a ceasefire may reduce export costs.
—Additional reporting by Gus Trompiz in Paris and Ella Cao and Mei Mei Chu in Beijing
