Corn jumps nearly 1% on global supply concerns
- Corn was supported amid concerns about adverse weather in South America and the United States, denting expectations of bumper global supplies.
CANBERRA: US corn futures rose nearly 1% on Monday as adverse weather in major growing regions stoked concerns about global supplies.
FUNDAMENTALS
The most-active corn futures on the Chicago Board of Trade were up 0.9% to $5.90-1/2 a bushel by 0132 GMT, having closed down 0.8% in the previous session.
Soybean futures were up 0.1% to $14.24-1/2 a bushel, having closed up 1.1% on Friday.
Wheat futures were little changed at $6.55-1/2 a bushel, having closed down 0.1% on Friday.
Corn was supported amid concerns about adverse weather in South America and the United States, denting expectations of bumper global supplies.
Strength in soyoil added support to soybeans, which rallied on concerns about tight global vegetable oil supplies. Soyoil has risen for four days in a row and closed near its session high.
The condition of wheat and barley crops in France only fell slightly during the week when France was hit by a severe cold snap but recently sown spring barley was more severely hit, FranceAgriMer data showed on Friday.
MARKET NEWS
- Asian shares hovered near 1-1/2 week highs on Monday helped by expectations monetary policy will remain accommodative the world over, while COVID-19 vaccine rollouts help ease fears of another dangerous wave of coronavirus infections.
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