SINGAPORE- Chicago soybean and corn futures lost ground on Tuesday with rapidly progressing US planting boosting expectations of bumper production and weighing on prices.
Wheat slid for a second session, although losses were limited by the poor condition of the US winter crop and an uncertainty over Ukraine’s safe shipping agreement for grain exports that is set to expire on May 18.
US Crop Watch farmers last week continued planting their corn and soybeans at a faster-than-normal pace, mirroring national progress, though field work has barely started in North Dakota.
As of Monday, 15 of the 22 Crop Watch fields had been planted, most recently the ones in eastern Iowa, finished Thursday and Friday. Unplanted soybean fields include those in Kansas, Minnesota, South Dakota, North Dakota and Ohio. Corn also remains for the latter two states.
The North Dakota producer hopes to start planting next week, unchanged from his plans a week ago, though anxiety is slightly higher now as last week’s rainfall amounts were at least double what was expected. Only a handful of fields were worked in the area last week.– Reuters
