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Markets

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.
08 Feb, 2021

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.

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