Chicago corn futures ticked up in rangebound trade on Thursday as stout export sales, weather concerns in Argentina and strong demand added support, analysts said.
As U.S. farmers grapple with soaring debt and slumping incomes, some crop producers are trading their tractors for flocks of sheep, and starting up solar grazing businesses to help make ends meet.
U.S. grains merchant Archer-Daniels-Midland is making a fresh wave of job cuts this week at its largest unit, the grain trading and oilseed processing division, according to three sources briefed on the matter.
Chicago soybean futures sank to life-of-contract lows on Tuesday as favorable crop conditions in Brazil and weak Chinese demand for U.S. soybeans hung over the market, traders said.
U.S. wheat futures rose more than one per cent on Wednesday as signs of a hardening conflict between Ukraine and Russia and worries about dryness in China appeared to spark a round of short-covering, analysts said.
Chicago Board of Trade soybean futures hit their highest level in more than a week on Thursday as technical buying helped the market recover from a three-month low reached on Monday, analysts said.
The trade war initiated by U.S. President Donald Trump, which led countries including China to retaliate against tariffs implemented by his administration, is favorable to Brazil, the CEO of agribusiness firm SLC Agricola said on Thursday.
Soybean futures eased on Monday on forecasts for rain in dry areas of top exporter Brazil and Argentina and on rising United States supplies as clear Midwest weather boosted harvesting.
Chicago Mercantile Exchange feeder cattle futures dropped on Wednesday, while live cattle rose in a turnaround from losses during the previous session, according to analysts.