Corn futures rose after yesterday’s slump to the lowest in more than two weeks may have attracted importers and investors.
The U.S. corn crop is expected to continue getting larger as farmers produce less wheat and soybeans, the U.S. Department of Agriculture said Tuesday.
Brazilian farmers harvested 99% of the upcoming 2009-10 soy crop as of May 7, local agricultural consultancy Celeres said in a weekly report.
U.S. wheat farmers are expected to produce a smaller crop this year, but they are also forecast to start out the 2010-11 marketing year with large beginning stocks and finish with even larger ending stocks, the U.S. Department of Agriculture said Tuesday.
Ukraine planted spring grains on 6.35 million hectares, or 83% of the planned total area, to May 7, the agriculture ministry reported Tuesday.
Cash premiums for soybeans and corn shipped to export terminals near New Orleans widened relative to futures as U.S. farmers halted sales to wait for higher prices on optimism that demand will improve.
Corn futures rose, extending yesterday’s advance, after the U.S. government lowered its estimate of the nation’s inventory as demand expands faster than expected. Wheat also rose.
Ukraine will allow bonds issued to cover value-added tax reimbursements to trade on the secondary market, Deputy Prime Minister Serhiy Tigipko said.
Agro industrial complex of Ukraine is one of the most competitive sectors of Ukrainian economics on foreign markets, declared Vasiliy Tsushko, the Minister of Economics of Ukraine.
Cocoa rose for the first time in three days on speculation that output will trail demand after exports fell from Cameroon, the fifth-biggest producer of the beans. Coffee gained for a second session.