Corn rose for a second day in Chicago before a government report that will show whether U.S. farmers accelerated planting, while more rain in the forecast this week threatens to disrupt fieldwork.
Wet, cold weather in recent weeks left 28% of the crop sown as of May 12, the lowest for that time of year since at least 1980, USDA data show. USDA is set to update its weekly crop progress report today. Eastern regions of the Midwest saw drier weekend weather, while parts of the northern Great Plains, Iowa and Minnesota had more than 4 inches of rain, QT Weather said.
"All focus today will rest on U.S. planting progress," Jaime Nolan-Miralles, a commodity risk manager with INTL FCStone Inc. in Dublin, said in an e-mailed report. "With weather relatively supportive last week, many are expecting a jump in corn plantings."
Corn for delivery in July gained 0.7 percent to $6.57 a bushel at 6:41 a.m. on the Chicago Board of Trade. The grain climbed 2.6 percent last week and is up 1.1 percent this month.
The Midwest and Great Plains may see more rain through May 22, slowing fieldwork, AccuWeather Inc. said in a report today. The Plains may see a second storm system late this week and during the weekend, it said.
Soybeans for delivery in July rose 0.1% to $14.5025 per bu. The oilseed touched $14.5475, the highest for a most-active contract since March 28. Six percent of the crop was planted in the main growing states as of May 12, against the previous five-year average of 24 percent, according to the USDA.
Wheat for delivery in July slipped 0.1% to $6.825 per bu. In Paris, milling wheat for delivery in November touched 204.75 euros ($263.39) a metric ton, the lowest for a most-active contract since June 18, on NYSE Liffe and was last down 0.4% at 205.50 euros.
Russia’s wheat harvest may be larger than expected at 53.8 million tons, Dmitry Rylko, director of Moscow-based researcher IKAR, said today. Total grain production may be 92 million tons after conditions "improved significantly in April," he said.
In the U.S., 43% of spring-wheat crops in main growing regions were sown by May 12, behind the five-year average pace of 63 percent, USDA data show. Areas of North Dakota, the biggest growing state for spring varieties, South Dakota and Minnesota are at risk of flooding near the Red River of the North and its tributaries because of heavy rainfall this week, AccuWeather said today.