U.S. corn futures rose on Wednesday on technical buying and short covering that lifted prices from Tuesday's one-month lows as traders assessed Midwestern weather conditions before the spring planting season.
U.S. corn futures dropped on Tuesday on forecasts for good spring planting weather, easing concerns about a lower-than-expected acreage outlook from the U.S. Department of Agriculture (USDA) last week.
U.S. grain futures fell on Monday as pressure from ample supplies partly unraveled steep gains late last week following a U.S. Department of Agriculture report that projected lower-than-expected U.S. corn plantings.
Chicago Board of Trade corn futures posted their biggest one-day rally since July after the U.S. Department of Agriculture on Thursday reported grain stocks and intended plantings below trade estimates.
Projected corn acres at the lower end of trade expectations was the most notable news after the United States Department of Agriculture (USDA) released its Prospective Plantings and Quarterly Stocks reports on March 28.
Western Canadian bids for Canadian Prairie Red Spring (CPRS) and durum wheat were higher, but there were declines in Canadian Western Red Spring prices during the period of March 21 to 27.
Chicago Board of Trade (CBOT) corn and soybean futures ticked down on Wednesday as traders adjusted positions ahead of U.S. Department of Agriculture (USDA) quarterly grain stocks and prospective plantings reports due on Thursday.
Chicago Board of Trade (CBOT) wheat futures fell on Tuesday in technical trading, as large Russian supplies, a strong dollar and fading Chinese demand also weighed on the market, analysts said.
Managed money fund traders continued to chip away at their large net short position in canola in mid-March, covering more of their large bearish bets, according to the latest Commitments of Traders report from the United States Commodity Futures Trading Commission (CFTC).