CANBERRA, Feb 19 (Reuters) – Chicago corn futures inched larger on Wednesday and had been simply off the day prior to this’s 16-month excessive of greater than $5 a bushel, with sturdy U.S. export demand, falling inventories and fund shopping for supporting costs.
Wheat futures gained and had been close to their highest degree since October 2024 amid considerations that chilly climate in Russia and the U.S. may injury crops and curtail provide.
Soybeans edged decrease as merchants braced for a deluge of provide from Brazil’s ongoing harvest.
* Probably the most energetic corn contract on the Chicago Board of Commerce (CBOT) added 0.1% at $5.02-1/4 a bushel at 0146 GMT, a whisker away from Tuesday’s excessive of $5.04.
* CBOT wheat rose 0.1% to $6.05-1/4 a bushel after touching $6.09 on Tuesday, whereas soybeans, which hit a 6-1/2-month excessive of $10.80 earlier this month, eased 0.1% to $10.37-1/4 a bushel.
* The U.S. Division of Agriculture (USDA) on Tuesday mentioned 1.6 million metric tons of U.S. corn had been inspected for export final week, properly above analysts’ forecast, persevering with a robust run of U.S. gross sales that’s anticipated to attract down U.S. inventories within the coming months.
* Funds have already constructed up a big internet lengthy place in CBOT corn and purchased extra on Tuesday, merchants mentioned.
* U.S. President Donald Trump mentioned he would impose tariffs on auto, semiconductor and pharmaceutical imports. Nonetheless, agricultural commerce has not but been hit with commerce limitations and a few analysts assume tariff negotiations may see elevated purchases of U.S. crops.
* In wheat, the top of study at Russian shipper Rusagrotrans mentioned Russian exporters would be capable to ship not more than 8.1 million tons of wheat by the top of the present 2024-25 season, properly beneath their permitted quota.
* Russian wheat export costs have been rising in current weeks on falling shipments.
* In soybeans, U.S. processors crushed their second-largest quantity of beans ever in January, the Nationwide Oilseed Processors Affiliation mentioned.
* Brazil’s nationwide power council has determined to not carry the native obligatory mix of biodiesel into diesel to fifteen% from 14%, a measure that might have boosted demand for soy as feedstock.
* International fairness markets rose on Tuesday, with each the S&P 500 and European shares ending at document highs, as markets digested sturdy U.S. earnings, commerce tariffs and a giant European defence spending hike. (Reporting by Peter Hobson; Enhancing by Sumana Nandy)
