By Tom Polansek
CHICAGO, Aug 10 (Reuters) – Chicago Board of Trade corn futures rose on Wednesday, extending gains in early U.S. trade, whereas soybeans and wheat set new one-week highs, as sizzling, dry climate in components of the United States and Europe saved consideration on harvest risks.
Traders additionally adjusted positions forward of the U.S. Department of Agriculture’s (USDA) month-to-month World Agricultural Supply and Demand Estimates report on Friday. The authorities is anticipated to trim its outlook for U.S. corn manufacturing to 14.392 billion bushels from 14.505 billion bushels, based on a Reuters survey of analysts.
“The weather into the end of August is still a major concern and could trim some of the U.S.’s yield potential,” stated Tomm Pfitzenmaier, analyst for Summit Commodity Brokerage. “Given the problems in various areas around the country, the trade is trying to sort just how low the U.S. yield could be.”
Most-active CBOT corn Cv1 was up 8 cents at $6.22 a bushel by 9:50 a.m. CDT (1450 GMT), whereas soybeans Sv1 jumped 17-1/2 cents to $14.46-1/4 a bushel. CBOT wheat Wv1 was 18-1/2 cents increased at $8 a bushel. Soy and wheat touched their highest costs since Aug. 1, whereas corn matched a excessive from Tuesday that was the best this month.
Parts of the Midwest obtained rain in latest days, however warmth within the western aspect of the farm belt is anticipated to proceed stressing crops. Commodity Weather Group predicted showers within the subsequent week will go away a few quarter of corn and soybeans beneath stress from dryness.
The USDA stated China purchased U.S. soy.
In Europe, persisting drought and excessive temperatures are threatening to deepen yield losses for corn. Romania completed reaping its wheat crop for the 12 months, and the harvest is 15% to 18% smaller than in 2021, Agriculture Minister Petre Daea stated.
In different markets, Wall Street’s major indexes rose after knowledge exhibiting a slower-than-expected rise in inflation in July.
(Reporting by Tom Polansek in Chicago, Gus Trompiz in Paris and Naveen Thukral in Singapore; Editing by Subhranshu Sahu, Uttaresh.V and Emelia Sithole-Matarise)
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