US corn futures rise on expected wet weather

Corn futures in Chicago Board of Trade ended higher on Tuesday (Apr 13), as wet weather may impede planting of US crop.

Soy future for May delivery gained 8 cents to settle at US$9.68 US per bushel. May corn rose 4.25 cents to US$3.525 dollars a bushel. May wheat rose 8.25 cents to US$4.76 a bushel.

Corn witnessed soft performance in the morning session, pressured by rallied dollar and weak oil. Traders indicated that corn market has basically ran out of sellers by the end of the day due to the fact that farmers have eased sales for immediate delivery to focus on planting corn, short covering and fund buying has fuelled the late advance of corn.

Meanwhile, the National Weather Service's midday forecast pointed that the rainfall is expected to last for four days from southern Nebraska to Georgia since this April 18. The planting of corn should be finished by the end of April in order to protect it from the high temperature in summer and the rain is expected to slow planting process.

The USDA said on Monday (Apr 12) that about 3% of the corn crop was planted as of April 11, compared with 2% last year. Traders said that since corn planting has been carried out smoothly and rapidly, the increase in corn acreage may reduce the amount of soy acreage, which has given a lift to the soy price.