BEIJING- Chicago corn futures rose for a second straight session on Thursday, supported by tightening global stocks, while soybeans gained on bargain-hunting after weak Chinese demand and a higher supply outlook drove prices lower in the previous session.
Wheat futures slipped for a fifth straight session amid a lack of bullish news, even as traders monitored freeze risks to wheat crops in the US Plains and Black Sea region.
The most-active soybean contract on the Chicago Board of Trade (CBOT) gained 0.27 percent to $10.31 a bushel, reversing two days of declines. The corn contract gained 0.05 percent to $4.90-4/8 a bushel, up for a second straight session.
On Tuesday, the US Department of Agriculture (USDA) kept US soybean and corn end-of-season supply forecasts unchanged, defying analysts’ expectations, while lowering Argentina’s corn and soybean production outlook due to adverse weather.
Prices rose in a brief recovery rally following the USDA report, said Ole Houe at IKON Commodities in Sydney, adding that the rally will be short-lived.
Argentina’s 2024-25 soybean crop is estimated at 47.5 million metric tons, while the corn crop outlook has been lowered to 46 million tons, down 4 percent from the previous forecast, according to the Rosario grains exchange.
