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Corn futures rise after report of low plantings; gold falls in thin trade

Corn futures rise after report of low plantings; gold falls in thin trade

Chicago Board of Trade corn futures ended higher Tuesday, boosted by speculative buying after Monday's crop progress report revealed lower than expected corn plantings, traders said.
May corn gained 9.50 cents to $3.6750 per bushel, July settled 10 cents higher at $3.77.50, and December rallied 14 cents to $3.7850.
The U.S. Department of Agriculture reported Monday that corn planting was 23 percent complete for the week ended April 29, well below the 48 percent seeded last year and the five-year average of 42 percent.
The weak seeding pace has the market concerned, said Brian Hoops, president of Midwest Market Solutions in Yankton, S.D.
"This is the smallest percentage of corn planted for this time of year since 1999," Hoops said. It looks like farmers will need plant 65 percent of the crop after May 1 and there is a good chance that a large amount might be planted closer to the May 10-15 time frame, leading to concerns about the potential for yield losses, Hoops said.
July soybeans settled 13.25 cents higher at $7.5625 per bushel, and November soybeans finished 12.75 cents higher at $7.8350
July wheat ended 17 cents lower at $4.9550 per bushel.
Limited buying interest in thin trading conditions sent gold and silver futures lower.
June gold settled down $6.20 at $677.30 a troy ounce on the New York Mercantile Exchange. July silver lost 20.5 cents to $13.37 an ounce.
The moves may have been in part due to slow global trading, with many countries observing holidays, reported Jim Steel, metals analyst with HSBC. China has begun a weeklong holiday, Japan is in the midst of the Golden Week holidays and many nations are closed for May Day.
"Also, we have seen a marked relaxation in crude prices, which is also playing an important role," said Steel. Furthermore, the euro sagged against the dollar, which tends to undermine gold.
July platinum settled up $2.50 at $1,300.90 an ounce, while June palladium settled up 15 cents at $374.15 an ounce.
A strong manufacturing survey in the U.S., flooding at a mine in Zambia, a continuing strike in Peru and technically oriented buying all enabled copper futures to advance. The most-active July copper contract rose 7.80 cents to settle at $3.6345 per pound.
The June crude oil contract settled down $1.31 at $64.40 a barrel after rising as high as $66.15 a barrel. June heating oil settled down 1.19 cents at $1.8829 a gallon. June gasoline settled down 1.47 cents at $2.2447 a gallon after rising as high as $2.2950 a gallon.
June natural gas settled down 14.5 cents at $7.718 per million British thermal units.
On the New York Board of Trade, Arabica coffee futures May closed down 1.30 cents at $1.0185 a pound, with July off 1.30 cent at $1.0485.
Most-active July cocoa settled up $36 at $1,834 a metric ton.
Futures on raw sugar in foreign ports for July settled up 0.04 cent at 9.14 cents a pound, with October down 0.01 cent at 9.44 cents.


Updated : 2021-05-15 23:22 GMT+08:00