Corn inches higher, lingers near 2013 high on Chinese demand
- The USDA reported daily export sales of 101,600 tonnes for delivery to unknown destinations during the 2020/2021 marketing year.
CANBERRA: US corn futures edged up on Monday, as strong demand from China pushed prices towards a more than 7-1/2-year high.
FUNDAMENTALS
The most-active corn futures on the Chicago Board Of Trade were up 0.3% at $5.50 a bushel by 0140 GMT. Corn rose 0.3% on Friday and hit a June 2013 high of $5.58 a bushel last week.
The most-active soybean futures were up 0.3% at $13.70-1/4 a bushel, after closing 0.4% lower in the previous session.
The most-active wheat futures were up 0.6% at $6.45 a bushel, after ending 0.6% higher on Friday.
Market eyes US Department of Agriculture (USDA) supply and demand report later this week. It is likely to confirm tightening stocks of soybeans and corn.
The USDA reported daily export sales of 101,600 tonnes for delivery to unknown destinations during the 2020/2021 marketing year.
Rain has slowed Brazil's soybean harvest and subsequent second corn crop planting, but forecasters still expect bumper crops.
In Argentina, the Buenos Aires Grains Exchange on Thursday cut its 2020/21 corn crop forecast by 1 million tonnes to 46 million tonnes, citing lower-than-expected yields caused by dry weather.
Comments
Comments are closed.