Corn and wheat futures rose in Chicago on speculation that freezing weather will harm crops in the U.S., the biggest exporter of both grains.
U.S. farmers accelerated harvesting of the corn crop last week as warmer, drier weather firmed muddy fields for heavy machinery. Soybean conditions improved.
Cash premiums for corn and soybeans shipped this month to terminals near New Orleans were unchanged relative to Chicago futures as adverse weather threatened South American crops, while demand for U.S. supplies stalled.
Hedge funds cut their bullish bets on wheat to the lowest this year on speculation that supplies would be adequate to meet global demand. Speculation on higher corn and soybean prices also declined.
Soybeans rose for a second day in Chicago amid expectations that inventories will fall to a 10- year low in the U.S., the largest grower, after exports jumped.
Soybeans rose the most in a week on speculation that an end to the global recession will boost demand for the oilseed to make food and animal feed.
What follows are opening calls for U.S. grain and oilseed markets, which resume trading at 5 p.m. on the Chicago Board of Trade.
What follows are opening calls for U.S. oilseed and grain markets, which resume trading at 5 p.m. on the Chicago Board of Trade.
"The weather looks awfully good for crop development."
- Tim Hannagan on Jul 22, 2014