Chicago Board of Trade corn and soybean futures rose to their highest since mid-June on Thursday, with traders noting continued support from a U.S. government report that showed spring plantings fell below expectations.
“The planting report raises supply concerns on longer term,” said Ole Houe, director of advisory services at brokerage IKON Commodities in Sydney.
Wheat futures were trading in negative territory after hitting their highest since June 10.
Profit-taking also pulled corn and soybeans off their session highs.
At 11:19 a.m. CDT, CBOT November soybeans were up 7-3/4 cents at $14.06-3/4 a bushel.
The soybean market received additional support from a rally in the crude oil market and signs of strong export demand.
The U.S. Agriculture Department on Thursday morning said soybean export sales totaled 1.763 million tonnes in the week ended June 24, the most since the week ended Jan. 21. It was also near the high end of forecasts for 900,000 to 2.3 million tonnes.
CBOT December corn futures were up 3/4 cents at $5.89-1/4 a bushel after peaking at $6.11-1/4.
Corn export sales totaled 82,500 tonnes, down from 527,100 a week earlier.
On Wednesday, corn futures climbed by their daily exchange-imposed limit after the USDA pegged plantings of the crop at 92.692 million acres, below an average trade expectation of 93.787 million.
CBOT September soft red winter wheat was down 5-1/2 cents at $6.74 a bushel.
(Additional reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore Editing by Mark Potter and David Evans)
