Story
Corn Futures Climb as Traders Await Pro Farmer Crop Tour Results
Summary
Corn prices on the Chicago Board of Trade rose Monday as the market anticipates key yield data from the annual Pro Farmer crop tour, following a recent downgrade in USDA forecasts.
Corn futures on the Chicago Board of Trade (CBOT) advanced on Monday as traders awaited crucial field data from this week's Pro Farmer crop tour. The most-active corn contract rose 6-1/4 cents to settle at $4.89-1/2 per bushel.
Focus on Crop Yields
The market is anticipating that the Pro Farmer tour will offer a detailed, on-the-ground assessment of corn and soybean production potential. This follows a report last week from the U.S. Department of Agriculture (USDA) which lowered its own official yield forecasts, setting a cautious tone for supply expectations.
Investors are also looking ahead to the USDA's weekly crop ratings report, scheduled for release Monday afternoon, for a more immediate update on current field conditions across the U.S. grain belt.
AdWeather and Harvest Pressures
Recent heavy rainfall and flooding in parts of the U.S. Midwest have heightened concerns among traders about the potential for crop diseases and other harvest-related losses. These weather-related risks are contributing to upward pressure on prices.
Meanwhile, international supply factors are also in focus. According to agricultural consultancy AgRural, the harvest of Brazil's second corn crop was 85% complete as of last Thursday. While this is an increase from 79% the prior week, it lags the 94% completion rate seen at the same time last year.
Read next
More on Commodities
Iran Warns of Retaliation Against Any New US Attack Amid Heightened Regional Tensions
Iran's military warned it would retaliate against any new attack by the U.S. and its allies, escalating tensions after Iran-backed Houthi rebels claimed strikes on Saudi Arabian oil infrastructure.
Wheat Futures Decline on Technical Selling as Crude Oil Weakens
Chicago wheat futures edged lower on Wednesday, pressured by technical selling linked to a downturn in crude oil prices, though losses were limited by ongoing global supply concerns.
Raw Sugar Futures Slip as Declining Oil Prices Weigh on Ethanol Demand
Raw sugar futures edged lower as a drop in crude oil prices made ethanol production less profitable, incentivizing mills to produce more sugar. However, prices found support from forecasts of lower crop yields in key producing regions.
Continental Resources Signs MOU with Venezuela's PDVSA to Develop Orinoco Oil Field
U.S.-based Continental Resources has entered a preliminary agreement with Venezuela's state-owned oil company, PDVSA, to jointly develop a block in the Orinoco Heavy Oil Belt estimated to hold 30 billion barrels of oil.