Corn prices ease on higher-than-expected U.S. plantings
Corn eases following bearish USDA report
Wheat edges higher with global supplies seen tightening
Adds background, updates prices
By Nigel Hunt
LONDON, July 1 (Reuters) -Chicago corn futures fell on Monday as the market remained on the defensive after Friday's release of a U.S. government report which showed higher-than-expected U.S. plantings.
Wheat prices edged higher, while soybean prices eased.
The most-active corn contract on the Chicago Board of Trade (CBOT) Cv1 fell 0.3% to $4.19-1/2 a bushel, as of 1120 GMT. The market had slumped to a low of $3.99-1/2 on Friday after the data was released, the lowest level since November 2020.
Wheat Wv1 rose 0.4% to $5.75-3/4 a bushel and soybeans fell 0.2% to $11.02-1/4 a bushel.
U.S. farmers planted more corn than the government forecast in March and less soybeans, U.S. Department of Agriculture (USDA) data showed on Friday.
The USDA estimated corn plantings at 91.5 million acres, above analysts' expectations for 90.4 million. In March, the agency projected farmers would plant 90 million acres.
Soybean plantings were pegged at 86.1 million acres, the agency said, down from its March estimate for 86.5 million acres.
Meanwhile, U.S. stocks of corn, soybeans and wheat as of June 1 were higher than the same time last year, the USDA said.
Wheat prices were supported by an expected tightening global supplies driven partly by crop problems in top exporter Russia.
Agricultural consultancy SovEcon said on Friday it had cut its 2024/25 Russian wheat export forecast to 46.1 million metric tons from 47.8 million tons, reflecting a smaller expected crop.
USDA forecast world wheat stocks to decline to a nine-year low in 2024-25.
The government agency also put total U.S. wheat plantings at 47.2 million acres, compared to its March estimate for 47.5 million and 49.6 million acres in 2023.
Additional reporting by Naveen Thukral; Editing by Mrigank Dhaniwala and Shailesh Kuber
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