GRAINS-Corn falls from six-year high, set for weekly gains of 2% - Successful Farming

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CANBERRA, Jan 8 (Reuters) - U.S. soybean futures edged lower on Friday, though prices continued to linger near a more than six-year high as concerns about lower global supplies pushed the grain towards weekly gains of nearly 2%.

FUNDAMENTALS

* The most active corn futures on the Chicago Board of Trade were down 0.3% to $4.92-1/2 a bushel by 0212 GMT, having closed down 0.2% in the previous session.

* Corn is up nearly 2% for the week, the fifth straight weekly gain.

* Corn hit a May 2014 high of $5.02-3/4 a bushel earlier in the week.

* The most active soybean futures up 3% for the week, the fourth straight weekly gain.

* The most active wheat futures up 2% for the week, the second straight weekly gain.

* Corn and soybeans were supported by dry weather in South America.

* The U.S. Department of Agriculture reported export sales of U.S. old-crop soybeans in the week ended Dec. 31 at just 37,000 tonnes, the lowest weekly total so far in the 2020/21 marketing year that began Sept. 1. Traders had expected sales of 400,000 to 800,000 tonnes.

* The union representing Argentine port-side grain inspectors said on Thursday it had ended a month-long wage strike after reaching a contract deal with export companies that will allow international soy, corn and wheat shipments to return to normal.

MARKET NEWS

* The dollar held on to its biggest gain in more than two months against major peers on Friday as a rise in U.S. yields triggered some unwinding of bearish bets on the currency.

* Asian stocks opened higher on Friday, with Japan hitting a three-decade high as investors looked beyond rising coronavirus cases and political unrest in the United States and bet on an economic recovery later in the year.

(Reporting by Colin Packham; Editing by Shailesh Kuber)

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January 08, 2021 at 09:25AM
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GRAINS-Corn falls from six-year high, set for weekly gains of 2% - Successful Farming

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