Band Mark Weinraub
CHICAGO, May 27 (Reuters) – Chicago Board of Trade corn and soybean futures rose on Friday, buoyed by forecasts of rain that could slow the end of planting in the U.S. Midwest.
Wheat futures were also higher as traders exited bearish positions ahead of the U.S. Memorial Day holiday weekend. US markets will be closed on Monday.
Soybean futures hit their highest since Feb. 24. Corn futures got further support from bargain buying after falling to their lowest since April 8 Wednesday.
“Planting the last 5-10% of the crop … will be critical and the weather forecast for these areas is not so good,” said Tomm Pfitzenmaier, analyst for Summit Commodity Brokerage in Iowa, in a note to clients. “It now appears that most of those remaining acres will either be planted in June or not planted at all, which could have a significant impact on US supply and the US balance sheet.”
Corn futures at CBOT in July CN2 settled 12-1/4 cents at $7.77-1/4 a bushel.
July Soy CBOT SN2 were 5 3/4 cents higher at $17.32 1/4 a bushel.
CBOT July soft red winter wheat WN2 was up 14 1/4 cents at $11.57 1/2 a bushelrebounding after three straight days of decline.
“Wheat was higher after confirmation from the White House that the lifting of sanctions against Russia was not going to happen, and short cover before the long weekend,” said Charlie Sernatinger, global head of futures. on cereals at ED&F Man Capital, in a note to clients.
Wheat and corn prices have come under pressure after Russian officials said this week that Moscow was willing to allow a sea corridor for Ukrainian food shipments.
But traders have been cautious as Russia has also called for the lifting of sanctions in parallel, which Ukraine and its Western allies reject.
(Additional reporting by Gus Trompiz in Paris and Rajendra Jadhav in Mumbai; Editing by Marguerita Choy and Richard Chang)
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