Corn falls from 1-week high, set to finish week up 3%
- The US Energy Information Administration reported ethanol stocks at the lowest since November and as rain forecast for much of the US Midwest threatened planting.
CANBERRA: US corn futures fell on Friday, retreating from a one-week high hit in the previous session, though expectations of strong demand pushed the grain towards weekly gains of more than 3%.
FUNDAMENTALS
The most active corn futures on the Chicago Board of Trade were down 0.4% to $5.77-1/2 a bushel by 0255 GMT, having gained 3.4% in the previous session when prices hit a April 1 high of $5.83 a bushel.
Corn up more than 3% for the week, the second straight weekly gain.
The most active soybean futures up more than 0.5% for the week, the biggest weekly gain since March 5.
The most active wheat futures up nearly 3% for the week, the biggest weekly gain since Feb 19.
The US Energy Information Administration reported ethanol stocks at the lowest since November and as rain forecast for much of the US Midwest threatened planting.
Export sales of 757,000 tonnes of old-crop corn were reported by the USDA, down 5% from the week prior but in line with trade estimates.
Freezing temperatures across much of France this week may have caused severe damage to newly planted sugar beet, adding to the difficulties of a sector hit by crop disease and low prices in recent seasons.
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