Chicago Board of Trade corn futures Cv1 on Monday surged to a more than six-month high amid growing concern over dry conditions in Argentina, market analysts said.
Meteorologist Drew Lerner said he expects colder than normal temperatures across the Canadian Prairies and much of the United States Midwest in January, while a good portion of South America is to be hotter than normal.
A hot, dry austral summer is beginning to cause damage to Argentina's 2024/25 soybean and corn crops, the country's two main grains exchanges said on Friday, after abundant spring rains had until recently provided excellent growing conditions.
U.S. renewable diesel producers utilized 77 per cent of their total operable capacity in October, the highest since July 2024, the data showed. Biodiesel plant utilization rose to 89 per cent, the highest since June 2023.
Brazil's 2024-2025 soybean crop is expected to reach 171.4 million metric tons, consultancy firm StoneX said on Thursday, increasing its forecast from the 166.2 million tons it had estimated in December.
Chicago soybean, corn and wheat futures rallied on Tuesday on short-covering and concerns over weather conditions in South America and Russia, market analysts said.
China has approved five gene-edited crop varieties and 12 types of genetically modified (GM) soybean, corn and cotton, expanding approvals to boost high-yield crops, reduce import reliance, and ensure food security.
Chicago Board of Trade corn futures turned lower on profit-taking after the benchmark contract Cv1 hit a six-month high in choppy trade ahead of the year's end, market analysts said.