Chicago grain futures surged on Wednesday as underwhelming rainfall and forecasts for hot, dry weather in Argentina's parched corn and soy belt lifted prices, traders said.
Chicago grain futures turned higher on Tuesday, as investors adjusted positions while they waited to see if U.S. President Donald Trump would follow through on threats to impose 25 per cent tariffs on imports from Canada and Mexico this weekend, analysts said.
Chicago Board of Trade corn and soybean futures fell on Monday, with traders hedging their positions in case the Trump administration implements tariffs on goods from major U.S. trading partners, according to analysts.
U.S. soybean and corn futures on Friday fell from multi-month highs after Argentina said it would lower grain export taxes, fueling expectations the United States will face tougher competition for sales on the global market.
Chicago Board of Trade corn futures resumed a rally on Thursday as concerns over dryness in Argentina and tighter U.S. stocks propelled futures to the highest price seen in more than 14 months, traders said.
Chicago corn and soybean futures eased from the previous session's multi-month peaks on Wednesday on profit taking and timely rains forecast for Argentina, said analysts.
Chicago Board of Trade corn futures hit a fresh one-year high on Tuesday, as the tariffs promised by newly sworn-in U.S. President Donald Trump did not materialize, traders said.
U.S. corn futures climbed two per cent to a fresh one-year high on Friday and soybeans rose about 1.5 per cent ahead of a long holiday weekend, lifted by Argentine weather worries and cautious optimism about U.S.-China trade relations, analysts said.
Benchmark corn futures Cv1 on the Chicago Board of Trade hit their highest in a year on Monday and soybean futures Sv1 notched a three-month top on follow-through buying after the U.S. Department of Agriculture last week cut its estimates of the size of the U.S. 2024 crops, analysts said.