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Corn nears 3-week low on fund selling, easing supply concerns

05/16/2021 | 09:42pm EDT

SINGAPORE, May 17 (Reuters) - Chicago corn futures slid for a fourth session on Monday with the market dropping to its lowest in nearly three weeks on long liquidation and easing concerns over supplies.

Wheat fell more than 1% while soybeans also lost ground.

FUNDAMENTALS

* The most-active corn contract on the Chicago Board Of Trade (CBOT) was down 0.7% at $6.39-1/4 a bushel by 0120 GMT, after hitting its lowest since April 28 at $6.34 a bushel earlier in the session.

* Wheat fell 1.1% to $6.99 a bushel and soybeans gave up 0.3% to $15.81 a bushel.

* Large speculators cut their net long position in CBOT corn futures in the week ended May 11, regulatory data released on Friday showed.

* The Commodity Futures Trading Commission's weekly commitments of traders report also showed that non-commercial traders, a category that includes hedge funds, increased their net short position in CBOT wheat and cut their net long position in soybeans.

* The U.S. Department of Agriculture (USDA) last week projected corn stocks at the end of the 2021/22 marketing year at 1.5 billion bushels, above most analysts' expectations and up from 1.257 billion expected to remain at the end of 2020/21.

* Private analytics firm IHS Markit Agribusiness projected U.S. 2021 corn plantings at 96.8 million acres, up significantly from the USDA's current forecast of 91.1 million acres.

* Brazil is on track to sell the largest volume of soybeans to the United States since 2014, according to shipping data from maritime agent Cargonave, as the nation helps Americans fill a momentary supply gap.

* Ukrainian farms have almost completed 2021 early spring grain sowing, seeding more than 1.9 million hectares (4.7 million acres) of various crops, as of May 13, the agriculture ministry said on Friday.

* The area included 1.33 million hectares of barley, 229,600 hectares of peas, 186,800 hectares of oats and 174,700 hectares of spring wheat, the ministry said in a statement.

MARKET NEWS

* Asian shares edged cautiously higher on Monday catching the tailwind from a bounce on Wall Street and ahead of what are expected to be upbeat readings on the Chinese economy, though any disappointment could quickly chill the mood.

DATA/EVENTS AHEAD (GMT)

0200 China Urban Investment (YTD) YY April

0200 China Industrial Output YY April

0200 China Retail Sales YY April

1000 EU Reserve Assets Total April

1600 Russia GDP YY Quarterly Prelim Q1 (Reporting by Naveen Thukral, Editing by Sherry Jacob-Phillips)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CORN FUTURES (C) - CBR (FLOOR)/C1 -0.86% 545.75 End-of-day quote.13.74%
EURO / BRAZILIAN REAL (EUR/BRL) -0.17% 6.1154 Delayed Quote.-2.66%
IHS MARKIT LTD. 0.39% 118.03 Delayed Quote.31.28%
MSCI SINGAPORE (GDTR) 1.52% 6676.641 Real-time Quote.13.00%
OATS FUTURES (O) - CBR (FLOOR)/C1 -0.22% 444 End-of-day quote.23.08%
S&P GSCI CORN INDEX 2.28% 461.0939 Delayed Quote.13.89%
S&P GSCI SOY BEANS INDEX 1.36% 530.6197 Delayed Quote.1.24%
SOYBEAN MEAL FUTURES (ZM) - CBE (ELECTRONIC)/C1 1.78% 354 End-of-day quote.-19.94%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -0.15% 73.0246 Delayed Quote.-1.24%
WHEAT FUTURES (W) - CBR (FLOOR)/C1 -1.00% 717.25 End-of-day quote.11.98%
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