SINGAPORE — Chicago corn rose for the first time in three sessions on Wednesday, with buying at current levels underpinning prices after a pullback, although gains were limited by expectations of bumper US production and ample Brazilian supplies.
Soybeans and wheat also firmed after losses.
“There is little reason to be bullish for grains at the moment,” a Singapore-based trader said. “At the same time, the market has suffered deep losses, so prices may have bottomed out and importers are seeing this as a buying opportunity.”
The most-active corn contract on the Chicago Board of Trade (CBOT) Cv1 added 0.4 percent to $4.16 a bushel, as of 0342 GMT. Soybeans Sv1 gained 0.1 percent at $10.18-3/4 a bushel and wheat Wv1 rose 0.3 percent to $5.49-3/4 a bushel.
The US Department of Agriculture said 74 percent of the US corn crop was in good or excellent condition, up 1 percentage point from a week earlier and the highest for this time of year since 2018.
Weather has been largely favorable for both crops, and Commodity Weather Group said a lack of extreme heat is expected to limit major stress in the coming weeks. Large US harvests would add to bumper production in rival exporter Brazil.
The agency rated 66 percent of the US soybean crop as good to excellent on Monday, unchanged from last week but down from 68 percent a year earlier.
The market is worried that tariff disputes with key trading partners may hurt demand for US crops at a time when farmers are increasingly expected to produce large yields.
US President Donald Trump broadened his global trade war this week as he announced a 50 percent duty on imported copper and tariffs on goods from 14 nations.
