MUMBAI — U.S. corn futures prolonged losses in early alternate on Wednesday, hovering shut to a six-week low, as planting picked up tempo within the US and top purchaser China allowed corn imports from Brazil.
Soybeans edged increased on decrease planting and solid export search data from, whereas wheat edged decrease as analyst APK-Describe raised its forecasts for Ukraine’s 2022/23 grain slash and exports due to the the next-than-anticipated winter harvest.
The most-active corn contract on the Chicago Board of Change (CBOT) eased 0.42% to $7.68-1/2 a bushel as of 0158 GMT, after falling 1.8% on Tuesday.
Wheat modified into as soon as down 0.19% at $11.52-1/4 a bushel and soybeans edged 0.16% increased to $16.95-3/4 a bushel.
The usa Department of Agriculture (USDA) stated on Monday that 72% of the U.S. corn slash had been seeded as of Could per chance per chance 22, shut to the high conclude of expectations and up from 49% within the prior week.
Soybean planting modified into as soon as 50% entire by Sunday, the USDA stated, up from 30% a week earlier. The figure modified into as soon as earlier than the common analyst estimate of 49%, but within the back of the 5-365 days common of 55%.
China’s customs authority signed an settlement with Brazil to permit imports of Brazilian corn, posing a doable menace to U.S. exports.
The USDA stated spring wheat seeding modified into as soon as 49% entire as on Sunday, underneath the bottom in a vary of alternate estimates and successfully within the back of the 5-365 days common of 83%.
Oil prices rose in early alternate on Wednesday, boosted by tight provides and the risk of rising search data from from the upcoming birth of the U.S. summer riding season.
India has allowed accountability-free imports of 2 million tonnes every of coarse soyoil and coarse sunflower oil for the sizzling and the following fiscal 365 days to March 2024. (Reporting by Rajendra Jadhav; Enhancing by Rashmi Aich)
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