Rains that have pelted Argentina's farm belt since mid-March halted the deterioration of corn and soy yields, and a coming dry spell will help kick off harvesting of the country's two main cash crops, climatologists said on Wednesday.
Wheat dips after climbing 1.5% on strong global demand U.S. forecasts strong demand for China’s wheat imports (Adds quote in paragraphs 3-4, details on China’s wheat demand)
SINGAPORE, March 10 (Reuters) - Chicago wheat futures slid on Wednesday, taking a breather from a strong run-up in the last session, although the U.S. Department of Agriculture’s (USDA) forecast for strong demand put a floor under the market.
Soybeans eased after four straight sessions of gains, while corn dipped for a second consecutive day.
“The USDA increased overall global demand for soybeans, corn and wheat,” said Ole Houe, director of advisory services at brokerage IKON Commodities in Sydney.
By Naveen Thukral Soybeans jump to 7-year top, corn rises 1.7%, wheat gains 0.8% Rains in Brazil, dry weather in Argentina support CBOT futures (Adds quote in paragraph 4, technicals)
SINGAPORE, March 8 (Reuters) - Chicago soybean futures climbed on Monday to their highest in almost seven years as dry weather in Argentina and excessive rains in Brazil stoked supply concerns, while broad-based gains in world markets on U.S. stimulus also buoyed sentiment.
Corn and wheat futures rose for a second consecutive session.
“Brazil’s soybean harvest is being dogged, and a little depleted, by wet weather,” said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia in Sydney. “Argentina’s hot, dry weather outlook is threatening soybean crops.”