CBOT corn futures rise on wet US forecasts, concerns over planting

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CBOT corn futures rise on wet US forecasts, concerns over planting

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CBOT corn futures rise on wet US forecasts, concerns over planting

CBOT corn futures rise on wet US forecasts, concerns over planting

CHICAGO, May 13 (Reuters)Chicago Board of Trade (CBOT) corn futures ended higher on Monday amid concerns about the pace of U.S. corn plantings given forecasts for excessive moisture in the Midwest.

  • Most-active CBOT July corn CN24 settled up 2-3/4 cents at $4.72-1/2 per bushel.

  • Worries about the U.S. corn planting pace lent underlying support, given outlooks for excessive moisture in the southwestern Midwest and the Mississippi River Delta, analysts said.

  • Ahead of the U.S. Department of Agriculture’s weekly crop progress report due later on Monday, analysts surveyed by Reuters on average expected the government to report corn planting progress at 49%, up from 36% a week ago.

  • The USDA reported export inspections of U.S. corn in the latest week at 937,729 tons, in line with trade expectations for 575,000-1,450,000 tons

  • Leading South Korean feedmaker Nonghyup Feed Inc purchased around 68,000 metric tons of animal feed corn in a private deal on Friday without an international tender being issued, European traders said.

Reporting by Renee Hickman; Editing by Lisa Shumaker

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