By Christopher Walljasper
CHICAGO, USA (Reuters) – Chicago soybean futures rose on Tuesday, a day after falling on macroeconomic concerns, as traders assessed the progress of U.S. planting.
* Wheat was trading almost flat, pressured by recent rains in the US Great Plains, but global supply concerns underpinned the market, while corn was trading flat on the back of a delayed planting pace.
* The focus will be on the US Department of Agriculture’s May global crop report, due out on Thursday.
* The report will include a first comprehensive outlook for the upcoming 2022/23 season, as well as an assessment of Ukraine’s exports and production in drought-affected regions such as Brazil and the European Union.
* Most active soybean futures on the Chicago Board of Exchange rose 7 cents to $15.9225 a bushel.
* Corn rose 3.25 cents to $7.7525 a bushel, while Chicago wheat for July closed unchanged at $10.9275 a bushel.
* Both corn and soybeans held above multi-week lows hit on Monday, when they were pressured by falling oil and improving plantings across the US Midwest.
* «When the seeding window opens we tend to see a correction. I’m not sure it’s over,» said John Zanker, market analyst at Risk Management Commodities.
* After the market close on Monday, the USDA pegged corn planting at 22%, below analysts’ median estimate of 25% and the five-year average of 50%. This underscores the impact of recent cold and wet weather ahead of this week’s expected heat wave.
* Soybean planting progress, at 12%, also fell short of median expectations.
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* «It’s going to be a slow year, for sure,» said Joe Vaclavik, president of Standard Grain.
* Conditions for US winter wheat have improved due to recent rains, rising 2 points to 29% from good to excellent, the USDA said, beating analysts’ expectations. But some parts of the southern plains of the United States may not benefit.
(Reporting by Christopher Walljasper in Chicago; Editing in Spanish by Javier López de Lérida)