Economy

Corn, soybeans fall as weather allows more US plantings

Corn, soybeans fall as weather allows more US plantings

The expected production was cut in a monthly report released Tuesday by 1.4 billion bushels to 13.7 billion bushels, the lowest since 2015.

China's soybean imports fell 24% in May from the same month previous year, customs data showed on Monday, as the ongoing Sino-U.S. trade war and deadly African swine fever checked demand.

The Chicago Board of Trade's most actively traded corn contract was down 1.2% at $4.10-3/4 a bushel by 10:08 a.m. CDT (1508 GMT).

The sharply lowered estimates triggered a double-digit rally in CBOT corn futures, said market watchers. The state's five-year average is 89% for soybean planting.

Traders will also closely examine Monday morning's weekly USDA export inspections report.

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Dealers were waiting for the release later on Monday of the USA weekly crop progress report, with corn planting seen around 80 to 85 percent complete compared with 67 percent a week earlier.

The USDA is looking into ways to allow farmers who have been unable to plant crops due to rain and waterlogged fields to qualify for farm aid payments linked to trade disputes. The agency rated 59% of the crop as good-to-excellent, ahead of market expectations of 54%.

Chicago corn futures lost ground on Tuesday as US farmers made progress in seeding the crop, although concerns over lower yields from late-planted crop limited losses. U.S. weather firm Maxar said dry weather across the heart of the corn belt was favourable for planting yet to be done. "Soybeans and wheat are also falling after the good assessment of US sowing progress and crop conditions".

A month ago, USDA had forecast 2019/20 corn production of 15.030 billion bushels, with average corn yield coming in at 176.0 bushels per acre.


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