Corn Rises on Delays to U.S Plantings

By Naveen Thukral and Sybille de La Hamaide

The most-active corn contract on the Chicago Board of Trade (CBOT) climbed 0.4% to $8.06-3/4 a bushel, soybeans lost 0.2% to $16.41-1/2 a bushel and wheat fell 0.1% to $10.54-1/4 a bushel.

Soybeans were under pressure from falling crude oil markets and cool and wet conditions in the U.S. Midwest that continued to limit corn and soybean planting. Some analysts think delayed U.S. corn planting could push farmers to plant more soybeans.

The USDA said the seeding of the U.S. corn crop was 14% complete by Sunday, lagging the average analyst estimate of 16% and well behind the five-year average of 33%. U.S. soybean planting was 8% complete, matching trade expectations but behind the five-year average of 13%.

The U.S. Department of Agriculture (USDA) on Monday rated 27% of the U.S. winter wheat crop in good to excellent condition, unchanged from the previous week and the lowest for this time of year since 1996, underscoring the impact of drought in the Plains wheat belt.