Planting delays in parts of the U.S. Midwest looked set to put a floor under the Chicago corn market as prices were largely unchanged on Wednesday after closing lower in the previous session.
Wheat gained ground on tightening global supplies.
“U.S. weather is becoming an issue for corn planting which could result in a lower crop,” said one Singapore-based feed grains trader.
The most-active corn contract on the Chicago Board of Trade (CBOT) was up quarter of a cent at $/4 a bushel, as of 0316 GMT. Wheat rose 0.2% to $/2 a bushel and soybeans gained 0.1% to $/4 a bushel.
The U.S. Department of Agriculture reported slower-than-expected plantings, with just 14% of corn planting complete by Sunday, lagging average analyst estimates of 16% and well-behind the five-year average of 33%.
However, gains were limited by concerns over demand, with lockdowns in top buyer China weighing on U.S. export optimism.
Wheat ticked higher, but gains were limited by rains across parts of the U.S. Plains, which aided parched winter crops.
U.S. soybean planting was 8% complete, matching trade expectations but behind the five-year average of 13%.
Ukraine is forecast to have a significant shortage of storing facilities in the /23 season due to a sharp fall in exports resulting from Russia’s invasion, analyst APK-Inform said.
Since Moscow launched what it calls a “special military operation” in Ukraine in late February, the country has been forced to export grain by train over its western border or through its small Danube river ports rather than by sea.
