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Corn firms on U.S. crop worries, wheat gains ground

06/15/2021 | 11:46pm EDT

* Potential yield losses in key U.S. producing areas support

* Wheat rises for 1st time in 4 session, soybeans firm

SINGAPORE, June 16 (Reuters) - Chicago corn futures rose on Wednesday, supported by concerns over potential yield losses from recent unfavourable weather in parts of the U.S. Midwest.

Wheat rose for the first time in four session and soybeans edged higher.

The most-active corn contract on the Chicago Board Of Trade (CBOT) rose 0.7% to $6.72 a bushel, as of 0336 GMT.

Wheat added 0.6% to $6.65-1/2 a bushel and soybeans were up 0.1% at $14.67-1/2 a bushel.

"Hot and dry weather across the U.S. Corn Belt last week sent crop conditions tumbling on Monday in top-producing states, particularly Iowa," Karen Braun, a market analyst for Reuters, wrote in a column.

"Health could deteriorate further on dryness in the week ahead, though forecasts suggest some critical relief could be in store for the following week."

The U.S. Department of Agriculture (USDA) late on Monday rated 68% of the U.S. corn crop as good to excellent, down four points from the previous week, and 62% of the soybean crop as good to excellent, down five points.

Some favourable weather is expected across the Midwest, easing the threat to crops.

The National Oilseed Processors Association (NOPA) said its members crushed 163.5 million bushels of soybeans in May, up from 160.3 million in April but below an average of analyst expectations for 165.1 million bushels.

The U.S. wheat harvest was only 4% complete by Sunday, the USDA said, lagging the five-year average of 15%.

Germany's 2021 wheat crop of all types is expected to increase by 3.8% on the year to 22.98 million tonnes as recent good weather helped crops, the country's association of farm cooperatives said on Tuesday.

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

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CORN FUTURES (C) - CBR (FLOOR)/C1 2.15% 558.75 End-of-day quote.13.02%
CORN?FUTURES (SETTLEMENT ONLY) (ZC) - CBR (FLOOR)/C11 0.00%End-of-day quote.0.00%
S&P GSCI CORN INDEX -0.54% 453.6635 Delayed Quote.13.02%
S&P GSCI SOY BEANS INDEX -2.01% 522.6793 Delayed Quote.2.92%
SOYBEAN MEAL FUTURES (ZM) - CBE (ELECTRONIC)/C1 1.39% 357.5 End-of-day quote.-18.83%
WHEAT FUTURES (W) - CBR (FLOOR)/C1 3.66% 729.5 End-of-day quote.13.90%
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