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Wheat up as dry weather threatens U.S. spring wheat planting

04/07/2021 | 11:36pm EDT

* Great Plains dry weather seen slowing U.S. spring wheat planting

* U.S. soybeans ease on S. American harvest, corn falls

SINGAPORE, April 8 (Reuters) - Chicago wheat futures gained more ground on Thursday as dry weather in several U.S. spring wheat growing regions raised concerns over planting delays and global supplies.

Soybeans fell for a second session while corn slid after closing higher.

"Dry weather is an issue for spring wheat in the U.S. but we have a long way to go before we start getting too worried," said one Singapore-based trader who sells U.S. wheat to buyers in Southeast Asia.

The most-active wheat contract on the Chicago Board of Trade (CBOT) gained 0.2% at $6.17-1/4 a bushel by 0335 GMT, having closed up 0.1% on Wednesday.

Soybeans were down 0.2% to $14.06-1/2 a bushel and corn fell 0.1% to $5.59-3/4 a bushel.

Spring wheat planting across the U.S. Upper Great plains and Canadian prairie has been hampered by extreme dryness that could negatively affect yields.

Soybean exports from Brazil, the world's top supplier, are bouncing back after rains delayed harvest in recent weeks.

Brazil looks to export 16.3 million tonnes of soybeans in April, up from 14.2 million acres a year ago, as well as 22,000 tonnes of corn, according to Brazilian grain export association ANEC.

Brazil's second-crop corn planting could see yields trimmed by an estimated 3.6% this year, Agroconsult said.

Market awaits corn USDA to adjust grain usage in its monthly supply and demand assessment.

Commodity funds were net buyers of CBOT corn, wheat and soymeal futures contracts on Wednesday and net sellers of soyoil and soybean futures, traders said. (Reporting by Naveen Thukral)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CORN FUTURES (C) - CBR (FLOOR)/C1 2.41% 594 End-of-day quote.17.56%
EURO / BRAZILIAN REAL (EUR/BRL) -0.84% 6.7742 Delayed Quote.7.64%
SOYBEAN MEAL FUTURES (ZM) - CBE (ELECTRONIC)/C1 0.71% 397.8 End-of-day quote.-7.48%
SOYBEAN OIL FUTURES (ZL) - CBE (ELECTRONIC)/C1 2.43% 54.32 End-of-day quote.22.39%
WHEAT FUTURES (W) - CBR (FLOOR)/C1 2.90% 648 End-of-day quote.-1.68%
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