*
Wet weather, snow seen delaying U.S. soybean, corn
planting
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Oil jumps as surprise OPEC+ output cuts jolt markets
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Flash sales of corn to Mexico, soyoil to unknown
destination
(New throughout, updates prices, market activity and comments;
new byline, changes dateline, previous PARIS/SINGAPORE )
By Cassandra Garrison
MEXICO CITY, April 3 (Reuters) - Chicago soybean and
corn futures rallied on Monday to their highest in several
weeks, supported by concerns over U.S. planting and a jump in
crude oil.
Wheat also gained ground, buoyed by strength in corn as well
as risks to U.S. crops and Black Sea supply.
Grains rose on a spike in oil prices after a surprise
announcement by OPEC+ to cut more production. Soybeans had rallied on Friday after the U.S. Department of
Agriculture (USDA) projected 2023 soybean plantings at 87.5
million acres, near the low-end of estimates in a Reuters poll
of analysts.
The USDA also reported March 1 soy stocks down 13% from a year ago. Moreover, wet weather in the southern reaches of the U.S. crop belt and heavy snow in the Dakotas and Minnesota could delay plantings in the coming weeks. The weather risks led the corn market to play down the USDA's planting projection that pegged corn acreage above the average trade estimate. "It's all about energy giving us a push up and then a hangover effect from the crop report," said Don Roose, president of U.S. Commodities.
"I think there's a real question mark on the acres with another snowstorm coming through the Northern Plains," he added.
Private exporters reported the sale of 150,000 tonnes of corn to Mexico and the sale of 20,000 tonnes of soyoil to unknown destinations for delivery during the 2022/23 marketing year.
The most-active soybean contract on the Chicago Board of Trade (CBOT) was up 1.18% at $15.23-1/4 a bushel by 1004 CDT (1504 GMT), after climbing earlier to its highest since March 9 at $15.27-3/4 a bushel.
Corn added 0.19% to $6.61-3/4 a bushel, having
risen to its highest since Feb. 23 earlier in the day at
$6.68-1/2.
CBOT wheat was up 1.26% at $7.01 a bushel.
(Reporting by Cassandra Garrison in Mexico City, Gus Trompiz in
Paris and Naveen Thukral in Singapore; Editing by Sherry
Jacob-Phillips, Sona Cheema, Ed Osmond and David Gregorio)
