GRAINS-Corn rises on demand hopes, but U.S. harvest limits gains

  • 9/29/2021
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SINGAPORE, Sept 29 (Reuters) - Chicago corn futures bounced back on Wednesday as the prospect of strong demand underpinned prices, although a rapidly advancing U.S. harvest season curbed gains. Wheat rose for the first time in three sessions, while soybeans ticked lower. FUNDAMENTALS * The most-active corn contract on Chicago Board of Trade (CBOT) was up 0.6% at $5.35-3/4 a bushel, as of 0040 GMT, after dropping 1.3% in the previous session. Wheat added 0.4% to $7.09-1/4 a bushel and soybeans gave up 0.1% to $12.76-1/4 a bushel. * U.S. soybean exports jumped last week to a six-month peak, while corn shipments were the highest in a month as Louisiana Gulf Coast terminals steadily ramped up operations disrupted nearly a month ago by Hurricane Ida, preliminary data showed on Monday. * The U.S. Department of Agriculture (USDA) said 18% of the nation’s corn had been cut, as of Sunday, along with 16% of the soybean crop, both slightly ahead of their respective five-year averages. * Traders are looking ahead to the USDA’s Sept. 30 quarterly stocks and annual reports on small grains. Analysts surveyed by Reuters on average expect the government to report U.S. Sept. 1 corn stocks at 1.155 billion bushels, below the 1.187 billion bushels that the USDA projected in its last monthly supply/demand report on Sept. 10. * Analysts on average pegged Sept. 1 soybean stocks at 174 million bushels, close to the 175 million bushels that the USDA projected on Sept. 10. * China’s corn prices are likely to fall in 2021/22 on good supplies of feed grains in the new year and expectations of a bumper harvest from the new corn crop, an analyst from a government institute said on Tuesday. * Commodity funds were net sellers of CBOT wheat, soybean, corn, soyoil and soymeal futures contracts on Tuesday, traders said. MARKET NEWS * Global shares fell for a third day in a row on Tuesday, with tech stocks plummeting, as anxiety over when central banks might raise interest rates led to rising bond yields on both sides of the Atlantic. DATA/EVENTS (GMT) 0900 EU Consumer Confid. Final Sept 1545 Federal Reserve Chairman Jerome Powell, ECB President Christine Lagarde, Bank of Japan Governor Haruhiko Kuroda and the Bank of England Governor Andrew Bailey speak at the ECB Forum on Central Banking (Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips) Our Standards: The Thomson Reuters Trust Principles.

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