MUMBAI- US wheat futures extended gains on Tuesday, supported by a slower pace of spring wheat planting and amid fears over yield for the winter crop in the United States, while corn fell after output concerns in key producer Brazil eased with minor frost.
The most-active wheat contract on the Chicago Board of Trade (CBOT) was up 0.21 percent at $11.92-1/2 a bushel.
As wheat supplies from Black Sea region have been curtailed, buyers are looking for other producers, which are also hit by bad weather, said a New Delhi-based dealer with a global trading firm.
“It’s pretty clear that the US wheat crop won’t be unscratched. Weather will dent yields there like other countries,” he said.
The United States Department of Agriculture (USDA) said spring wheat seeding was 49 percent complete, as on Sunday, below the lowest in a range of trade estimates and well behind the five-year average of 83 percent.
For winter wheat, the USDA rated 28 percent of the crop in good-to-excellent condition, up 1 percentage point from the previous week.
The European Union’s crop monitoring service MARS on Monday lowered its forecast of the EU’s average soft wheat yield this year to 5.89 tons per hectare (t/ha) from 5.95 t/ha projected last month, now 2.5 percent below the 2021 level.
