Chicago corn recovers on Chinese demand, U.S. crop conditions
U.S. corn planting 90 complete, soybean planting 75 USDA
SINGAPORE, May 25 Reuters Chicago corn futures rose on Tuesday, recouping some of the losses suffered in the previous two sessions, with strong demand from China underpinning prices.
Soybeans rose for the first time in six sessions while wheat recovered from a onemonth low touched on Monday.
There is strong demand led by China that is likely to support prices, said Ole Houe, director of advisory services at brokerage IKON Commodities in Sydney.
We have still not dealt with the South American crop issues. We think the underlying supplyanddemand fundamentals are still tightening. We are more likely to see strong rallies over the next few months, rather than large drop in prices.
The mostactive corn contract on the Chicago Board Of Trade CBOT was up 0.2 at 6.5814 a bushel by 0207 GMT, having closed 0.3 lower in the previous session.
Soybeans were up 0.8 at 15.3512 a bushel, having closed down 0.2 in the previous session when prices hit April 30 low of 15.06 a bushel.
Wheat gained 0.7 at 6.6634 a bushel, having hit April 20 low of 6.53 a bushel in the last session.
China has been boosting purchases of U.S. corn, supporting prices.
The U.S. Department of Agriculture USDA said U.S. farmers had planted 90 of their intended corn acres, as of Sunday, just below the average estimate in a Reuters analyst poll of 91.
Soybean planting was 75 complete…