November 24, 2020

GRAINS-Corn touches one-month low, soy slips on bird flu concern

U.S. corn drops for third day, hovers near one-month low

* Concern U.S. bird flu outbreak to cut feed demand

* Wheat slips as short-covering support fades

By Karl Plume

CHICAGO, April 22 (Reuters) – U.S. corn futures touched a one-month low on Wednesday and soybeans dropped on concern that a bird flu outbreak in the United States may cut feed demand, as forecasts for favorable U.S. planting weather in coming weeks also weighed on prices.

Wheat was slightly lower as early short covering support faded in light trading.

Chicago Board of Trade May corn fell 1/4 cent to $3.72-3/4 a bushel by 12:25 p.m. CDT (11725 GMT) after earlier hitting a low of $3.69-1/4, the lowest since March 18.

May soybeans shed 1-1/4 cents to $9.74 a bushel in a second straight session of declines. CBOT May wheat was a penny lower at $4.99-3/4 a bushel.

U.S. Midwest weather was cooler than normal but largely free of precipitation on Wednesday. Recent rains recharged soils with moisture but have delayed early planting progress.

“The rains have been a great benefit to the dry soils that are starting to get built back up so there’s really not much as far as drought in the heart of the corn belt,” said Karl Setzer, analyst with MaxYield Cooperative.

Read the rest of this Reuter’s commentary, click here.

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