BEIJING: Chicago corn ticked up on Monday on concern over dryness in Argentina, where corn planting is underway, while a stronger dollar and ample global supplies weighed.
Soybeans and wheat also gained.
South Korea’s NOFI tenders to buy up to 138,000 metric tons corn
Fundamentals
The most-active corn contract on the Chicago Board of Trade traded 0.17% higher to $4.47-2/8 a bushel at 0138 GMT. Soybeans rose 0.15% at $9.76 a bushel.
CBOT wheat gained 0.47% at $5.36 a bushel.
Corn planting in Argentina’s top growing province Cordoba was disrupted earlier this month by low soil humidity. Analysts said the dry pattern in the world’s third largest exporter is becoming concerning, although supplies were ample.
The US dollar index was steady in early trade at 107.78, near the two year high of 108.54 touched on Friday, after US inflation data showed a modest rise last month, easing some concerns about the pace of US rate cuts next year.
A stronger dollar makes US crops less competitive, compared with supplies from rival exporters.
An anticipated record Brazilian soybean harvest pressured Chicago soy prices. * The US Department of Agriculture on Friday confirmed private sales of 150,000 metric tons of US corn to Colombia for delivery during the 2024-25 marketing year.
A trade-dispute panel ruled on Friday that Mexico’s restrictions on US genetically modified corn exports violate the US-Mexico-Canada Agreement, handing the Biden administration a major trade victory in its final weeks.
Large speculators cut their net long position in CBOT corn futures in the week to Dec. 17, regulatory data released showed.
Commodity funds were net buyers of CBOT corn, soybean and soymeal futures contracts on Friday, traders said. Funds were net sellers of soyoil and wheat futures contracts.
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