SINGAPORE- Chicago corn prices extended losses on Monday weighed by expectations of improved US planting weather, while soybeans gained for a second straight session.
Wheat prices gave up some of the previous session’s robust gains, which were triggered by tensions in the Black Sea and concerns over French crop conditions.
“Overall, US weather forecast looks favorable for corn planting,” said one Singapore-based grains trader. “Early planting has started in the United States and it should pick up in the coming days.”
The most-active corn contract on the Chicago Board of Trade (CBOT) slid 0.2 percent at $4.33-1/4 a bushel, while soybeans added 0.2 percent to $11.87-1/2 a bushel.
Wheat lost 0.5 percent to $5.64-1/2 a bushel.
Rains across the Midwest have boosted soil moisture, although the wet weather has delayed early field work in the central and eastern growing regions. But drier weather favorable to corn planting is likely.
Argentina’s Buenos Aires Grains Exchange on Friday trimmed its forecast for the 2023/24 season’s corn crop to 52 million metric tons, citing damage from the Spiroplasma bacteria and saying it could not rule out further cuts.
