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Corn, wheat futures fall on favorable US Midwest weather

Corn, wheat futures fall on favorable US Midwest weatherCHICAGO: US corn futures were mostly lower on Wednesday, pressured by good weather for crop development across the US Midwest, traders said.

The benign conditions also weighed on wheat, which eased as the pace of harvest in eastern growing areas increased.

Soybean futures were mixed. The nearby contract firmed on support from strength in the cash market, where light farmer selling of soybeans caused processors to boost their bids. Deferred soybean contracts fell on improving crop conditions as fields in the eastern Midwest dried out.

Corn around the Midwest was passing through its yield-determining pollination phase in near ideal conditions in many areas, with mild temperatures putting little stress on the crop.

“The lack of more notable heat will keep crop development favorable in all but far southwest sections of the belt,” forecaster Commodity Weather Group said in a note. Chicago Board of Trade corn for September delivery was down 3-1/4 cents at $ 4.03-1/4 a bushel at 10:20 a.m. CDT (1520 GMT), with the front-month contract hitting its lowest since June 30.

Some short-covering and bargain buying pulled prices from their lows.

CBOT September soft red winter wheat was 2-3/4 cents lower at $ 5.22 a bushel, on track for its seventh straight lower close.

The front-month contract hit its lowest since June 25. “The good weather prospects in the United States grain belts are again dominating the wheat and corn markets today, continuing the recent price weakness,” said Frank Rijkers, agrifood economist at ABN AMRO Bank.

CBOT August soybean futures were up 2-3/4 cents at $ 10.21-1/2 a bushel. New-crop November fell 6 cents to $ 9.98-3/4 a bushel.

Copyright Reuters, 2015

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