* Corn round 8-year highs, supported by tight provides
* Wheat, soybeans at 2013 peak (Updates with closing costs)
CHICAGO, April 26 (Reuters) – Chicago corn futures climbed on Monday to their highest since June 2013 as considerations about South American provides buoyed the market.
Power in corn pulled wheat and soybeans to eight-year highs.
Chicago Board of Commerce most-active July corn ended restrict up at $6.57-1/2 per bushel.
July soybeans gained 23-1/4 cents to $15.39-1/4 per bushel after reaching $15.44-3/4 per bushel, their highest since June 2013. Wheat added 27-1/4 cents to $7.39-1/2 per bushel after reaching $7.46 per bushel, its highest since February 2013.
Dryness in Brazil threatens creating second-crop corn as late planting has left the crop weak to drought harm.
“It’s the beginning of the dry season,” stated Karl Setzer, commodity danger analyst at Agrivisor. “If we don’t get some rain fairly quickly, that’s going to be a priority.”
Sluggish planting throughout the U.S. Midwest as a consequence of a chilly snap added help, as home provides dwindle.
Analysts anticipate the U.S. Division of Agriculture to report 17% of U.S. corn acres planted as of April 25 in its Monday afternoon report, with 8% of soybeans planted.
Corn exports for the week ended April 22 have been 1.9 million tonnes, based on the USDA, beating analyst estimates.
“We’re out of corn and beans, for essentially the most half, within the U.S. inside,” stated Joe Davis, director of commodity gross sales at Futures Worldwide.
Soybeans have been supported as Argentina considers a rise in grains export taxes to manage home meals costs.
Exporters bought 120,000 tonnes of latest crop soybeans for supply to unknown locations, based on the USDA, though old-crop gross sales have cooled.
Exporters moved 233,911 tonnes of soybeans final week, inside analyst expectations.
Wheat is supported by frigid climate in the USA and considerations that acres could shift to extra worthwhile corn or soybeans.
“We had freeze speak final week, however we’re a month away from seeing actual harm, if there’s any,” Davis stated.
Wheat exports beat expectations, with 564,047 tonnes inspected the week ended April 22. (Reporting by Christopher Walljasper; Extra reporting by Naveen Thukral and Michael Hogan; Enhancing by Peter Cooney)