Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Corn rebounds from 1-week low, but harvest progress weighs

09/21/2021 | 11:19pm EDT

* Chicago corn futures rise after four days of losses

* U.S. harvest pressure keeps a lid on prices

* Lower prices, South American dryness may support prices

* Sovecon raises forecast for Russia's 2021 wheat crop

SINGAPORE, Sept 22 (Reuters) - Chicago corn futures edged higher on Wednesday, although gains were capped by signs of ample global supplies as U.S. farmers race to finish harvesting the crop.

Wheat gained ground after three days of decline while soybeans were largely unchanged.

"The market is focused on building seasonal pressure with the U.S. harvest," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia.

"Such a decline though stands a greater chance of finding significant buying. Dry South American crop regions are an issue that may help arrest the decline."

The most-active corn contract on the Chicago Board Of Trade (CBOT) added 0.2% to $5.17-3/4 a bushel as of 0255 GMT, having closed 0.9% lower in the previous session when prices hit their weakest since Sept. 14.

Wheat was up 0.4% at $6.92-3/4 a bushel and soybeans were little changed at $12.73-3/4 a bushel.

The U.S. Department of Agriculture (USDA) said after Monday's market close that the U.S. corn harvest was 10% complete, ahead of the five-year average of 9% for this time of the year.

The USDA rated 59% of the U.S. corn crop in good-to-excellent condition, up 1 percentage point from the previous week, while also raising its soybean good-to-excellent score by 1 point to 58%. Analysts on average had expected no change to either ratings.

The agency's data on Monday showed corn export inspections were down 48% from the same week a year ago, while soybean inspections were down 80%.

The wheat market is under pressure from expectations of higher output in Russia.

Russian agriculture consultancy Sovecon said on Tuesday it had raised its forecast for the country's 2021 wheat crop by 200,000 tonnes to 75.6 million tonnes due to good yields in Siberia.

Russia is the world's largest wheat exporter, supplying it mainly to Africa, the Middle East and Asia. Its crop, dominated by winter wheat, is expected to be lower than in 2020, when it harvested 85.9 million tonnes, due to dry weather.

Indian farmers are expected to harvest a record 150.50 million tonnes of grains from summer-sown crops in the crop year to June 2022, the government said on Tuesday, against 149.56 million tonnes gathered in the previous year.

Commodity funds were net buyers of CBOT soybeans, soymeal and soyoil futures contracts on Tuesday, and net sellers of CBOT corn and wheat, traders said. (Reporting by Naveen Thukral; Editing by Devika Syamnath)


ę Reuters 2021
Latest news "Economy & Forex"
01:44aSingapore plans electricity imports to boost security, diversify supply
RE
01:44aAER AUSTRALIAN ENERGY REGULATOR : invites submissions on standardised models for regulated metering services
PU
01:36aChina coal futures fall for a fourth day as govt intervenes
RE
01:34aHSBC surprises with 74% rise in Q3 profit and $2 billion buyback
RE
01:29aChina's state planner says will probe coal and energy price index providers
RE
01:29aChina will uphold world peace, Xi says on anniversary of return to U.N.
RE
01:24aTWIN PEAKS : Whether it's supply or demand, oil era heads for crunch time
RE
01:24aIT, FMCG stocks drag Indian shares down; ICICI Bank hits record high
RE
01:23aPhilippines sets cash grants for public transport drivers as fuel prices soar
RE
01:21aChina sells 88.5% of wheat offered at state reserves auction
RE
Latest news "Economy & Forex"