Wednesday, 25 March 2015 02:40
CHICAGO: Corn futures on the Chicago Board of Trade climbed for the third straight session on Tuesday, reaching the highest levels in about two weeks on outlooks for reducing US sowings and chart-based buying, traders said.
Most-active CBOT May corn rose above its 50-day moving average for the first time in two months in the previous session, triggering technical buying, and the contract was approaching its 200-day moving average for the first time in about 10 months.
Wet weather in the Mississippi River Delta and portions of the southern Plains delayed early plantings while farmers in the Midwest crop belt were expected to cut seedings in favor of marginally better returns in soybeans. The US Department of Agriculture will release acreage for each crop in the annual prospective plantings report due in a week.
Cash markets for corn were mixed in the United States after the higher prices sparked farmer selling.
South Africa will slightly raise its 2015 maize output forecast, a Reuters survey showed, following improved weather conditions in Africa’s biggest producer of the crop.
Ukraine’s wheat and corn harvests are likely to decrease this year due to unfavorable weather during the autumn sowing and a smaller sown area, analyst UkrAgroConsult said.
Copyright Reuters, 2015
