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By Cassandra Garrison
MEXICO CITY, April 5 (Reuters) – Chicago corn futures were higher on Wednesday and soybeans and wheat fell as the market readjusted from a technically oversold position and weather forecasts that showed improved planting conditions in the coming days, traders said.
The prospect of a drier, warmer spell boosting spring field work in the northern farm belt that was hit by snow this week took attention away from poor conditions for drought-affected winter wheat in the southern Plains. Still, traders were eyeing how much of an improvement was on the horizon.
“There is a warming trend coming which would facilitate the snow melt, but it still remains to be seen how fast the snow melt is going to be,” said Tom Fritz, a partner with EFG Group in Chicago.
The U.S. Department of Agriculture confirmed private sales of 125,000 tonnes of U.S. corn and 276,000 tonnes of U.S. soybeans to unknown destinations for delivery in the 2022/23 marketing year.
The fading of a crude oil rally and investor concerns about the economic outlook capped grain prices as participants adjusted positions in the run-up to the Easter holiday weekend. MKTS/GLOB
Planting in the U.S. Midwest and Delta should accelerate next week, while the melting of snow in the northern Plains should also help field work next week, the Commodity Weather Group (CWG) said in a note.
The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was down 1.01% at $6.84-1/2 a bushel by 1136 CDT (1636 GMT).
CBOT corn Cv1 was up 0.38% at $6.56-1/4 a bushel, while CBOT soybeans Sv1 edged 0.21% lower to $15.14-1/4 a bushel.
South American crops also remained a focus, with a bumper Brazilian soybean harvest expected to offset a drought-hit Argentine crop.
Rains expected this weekend in northern Brazil could help reduced dryness for developing corn crops, CWG said.
(Reporting by Cassandra Garrison in Mexico City, Gus Trompiz in Paris and Enrico Dela Cruz in Manila; Editing by Sherry Jacob-Phillips, Sharon Singleton and Paul Simao)
((Cassandra.garrison@thomsonreuters.com))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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