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Corn firms nearly 1% on worries over U.S. crop

06/15/2021 | 10:01pm EDT

CANBERRA, June 16 (Reuters) - U.S. corn futures rose nearly 1% on Wednesday, underpinned by concerns about potential yield losses from recent unfavourable weather.

FUNDAMENTALS

* The most-active corn futures on the Chicago Board Of Trade were up 0.8% at $6.72-1/2 a bushel, as of 0140 GMT, having closed up 1.3% in the previous session, when prices hit a May 27 low of $6.46-3/4 a bushel.

* The most-active soybean futures were up 0.2% at $14.69-1/2 a bushel, having closed down 0.4% on Tuesday.

* The most-active wheat futures were up 0.5% at $6.64-1/2 a bushel, having closed down 1.9% on Tuesday.

* More favourable weather is expected across the Midwest, easing the threat on crops.

* The U.S. Department of Agriculture (USDA) late on Monday rated 68% of the U.S. corn crop as good to excellent, down four points from the previous week, and 62% of the soybean crop as good to excellent, down five points.

* The National Oilseed Processors Association (NOPA) said its members crushed 163.5 million bushels of soybeans in May, up from 160.3 million in April but below an average of analyst expectations for 165.1 million bushels.

* The U.S. wheat harvest was only 4% complete by Sunday, the USDA said, lagging the five-year average of 15%.

MARKET NEWS

* The dollar held near a one-month high against a basket of currencies as investors tried to ascertain if the Federal Reserve might alter the language on its stimulus following a recent jump in U.S. inflation.

* Oil prices rose nearly 2% to their highest in more than two years on Tuesday, buoyed by expectations demand will recover rapidly in the second half of 2021.

* Investors retrenched and avoided major risks across multiple markets on Tuesday as markets awaited fresh guidance from the U.S. Federal Reserve on Wednesday.

(Reporting by Colin Packham; Editing by Subhranshu Sahu)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CORN FUTURES (C) - CBR (FLOOR)/C1 -1.97% 547 End-of-day quote.15.29%
CORN?FUTURES (SETTLEMENT ONLY) (ZC) - CBR (FLOOR)/C11 0.00%End-of-day quote.0.00%
LONDON BRENT OIL -0.82% 75.16 Delayed Quote.46.69%
S&P GSCI CORN INDEX -1.88% 451.5996 Delayed Quote.13.12%
WHEAT FUTURES (W) - CBR (FLOOR)/C1 -0.21% 703.75 End-of-day quote.9.88%
WTI 0.53% 73.659 Delayed Quote.52.09%
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