* Chicago corn up 5% this week after five weekly losses * Midwest storm damage raised doubts over USDA record crop outlook * Soybeans ease after 2-week high on strong Chinese demand (Updates with European trading, changes byline/dateline) By Gus Trompiz and Naveen Thukral PARIS/SINGAPORE, Aug 14 (Reuters) - Chicago corn ticked lower on Friday, pausing after hitting a four-week high the previous session as traders assessed the extent of storm damage in the Midwest that has raised doubts over the government's record crop forecast. Soybeans also inched down after rallying to a two-week high on Thursday as brisk Chinese demand took attention away from the U.S. Department of Agriculture's (USDA) outlook for a massive autumn harvest. U.S. wheat was almost flat, with large global supplies including in major exporter Russia continuing to cap prices. The most-active corn contract on the Chicago Board Of Trade (CBOT) was down 0.4% at 3.37-1/2 by 1108 GMT, after surging to a four-week high of $3.40-3/4 on Thursday. Chart resistance at $3.40 helped curb the rally, traders said. Over the week, the contract was up 5% and set to break a run of five straight weekly losses. A storm that hit the Midwest grain belt on Monday potentially affected 10 million acres of farmland in Iowa, the top U.S. corn growing state, according to state authorities. The potential damage tempered reaction to USDA forecasts on Wednesday projecting a record corn harvest and the second-biggest soybean crop ever, fuelling short-covering after recent multi-week lows for Chicago futures. "Corn seems to have had a bit of support from storm damage this week but that is likely to be limited, given the dismal demand," said Ole Houe, director of advisory services at agriculture brokerage IKON Commodities. Corn has suffered from a drop in demand for ethanol biofuel and reduced restaurant consumption due to coronavirus lockdown measures. CBOT soybeans were down 0.3% at $8.96-3/4 a bushel, but still set for a first weekly gain in three weeks. Traders are watching to see if the USDA announces further soybean export sales to China after a recent run of deals. CBOT wheat was up 0.1% at $4.97-1/4 a bushel and also little changed over the week. Prices at 1108 GMT Last Change Pct End Ytd Pct Move 2019 Move CBOT wheat 497.25 0.50 0.10 558.75 -11.01 CBOT corn 337.50 -1.25 -0.37 387.75 -12.96 CBOT soy 896.75 -2.75 -0.31 955.50 -6.15 Paris wheat December 179.00 0.50 0.28 188.75 -5.17 Paris maize Nov 165.00 1.00 0.61 174.75 -5.58 Paris rape Nov 375.50 -2.00 -0.53 391.50 -4.09 WTI crude oil 42.07 -0.17 -0.40 61.06 -31.10 Euro/dlr 1.18 0.00 -0.03 1.1210 5.33 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne (Reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; Editing by Subhranshu Sahu, Kirsten Donovan)
© Copyright Thomson Reuters 2020. Click For Restrictions - http://about.reuters.com/fulllegal.asp
The Link LonkAugust 14, 2020 at 06:31PM
https://ift.tt/3awLIRu
GRAINS-Corn consolidates after rallying on U.S. storm damage - Successful Farming
https://ift.tt/3gguREe
Corn
No comments:
Post a Comment