U.S. corn rose for a third straight session on Wednesday to hover near a three-week high as forecasts for rain stoked fears that farmers will switch to soybeans. Wheat edged higher, extending gains into a second session, while soybeans fell.
The most active corn Chicago Board Of Trade Cv1 rose 0.27 percent to $3.72-3/4 a bushel by 0328 GMT, having gained 1.7 percent in the previous session when prices hit a high of $3.74-3/4 a bushel – the highest since March 8.
Analysts said corn continues to draw support from fears of further planting delays, with forecasts for rainy weather and colder temperatures in the coming days likely to keep corn planting behind the average pace.
“It is too wet to plant and with prices perhaps not as attractive, further delays could encourage farmers to switch to soybeans,” said Phin Ziebell, agribusiness economist, at the National Australia Bank.
Corn planting is already lagging. The U.S. Department of Agriculture estimated U.S. corn planting at 17 percent complete as of Sunday, well behind last season’s pace of 28 percent and slightly less than the five-year average of 18 percent.
The most active soybeans fell 0.26 percent to $9.62-1/2 a bushel, having closed down 0.7 percent on Tuesday. The most active wheat futures rose 0.3 percent to $4.28-1/4 a bushel, having closed up nearly 2 percent on Tuesday.
Analysts said wheat continues to draw support from slower-than-normal planting further supported spring wheat.