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Chicago corn falls on improving weather prospects

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BEIJING — Chicago corn fell on Monday weighed by the prospect of improving weather in some producing regions.

Wheat edged up, while soybeans dropped slightly.

The most-active corn contract on the Chicago Board of Trade (CBOT) slid 1.53% to $7.38-3/4 a bushel. Chicago wheat rose 0.19% to $9.38-1/4 a bushel, while soybean shed 0.26% to $14.2-1/2 a bushel.

U.S. Midwest corn crop was more likely to receive some much-needed rain early in its yield-determining pollination phase of development, according to the latest weather outlook.

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“Weather conditions have eased a little,” said Wang Xiaoyang, senior analyst with Sinolink Futures.

“Expectation of drought has weakened,” Wang added.

The U.S. Department of Agriculture is due to release its June acreage survey this week, which is expected to show an increase in corn plantings from the March survey and a decrease in both soy and wheat.

Traders were also watching the USDA report on quarterly U.S. grain stocks as of June 1, to be released this Thursday, which is expected to show larger stocks of corn and soybean, but smaller wheat stocks.

Egypt has contracted to buy 180,000 tonnes of wheat from India, less than previously agreed at 500,000 tonnes, the supply minister said on Sunday.

Supply Minister Aly Moselhy also said Egypt has strategic reserves of wheat sufficient for 5.7 months.

Commodity funds were net buyers of Chicago Board of Trade corn, soybean, soyoil and soymeal futures contracts on Friday. They were net sellers of wheat futures, traders said.

Global equities rallied last week and registered strong gains for the week as a recent slide in commodity prices eased worries about inflation and the rate hike outlook. (Reporting by Hallie Gu and Dominique Patton; editing by Uttaresh.V and Amy Caren Daniel)

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