* Corn down for 2nd day after 7-1/2 year high this week * Market watching for more China imports, USDA forecast revisions * Soybeans also ease as Brazilian supply prospects assessed * Firm dollar also curbing grains after recent multi-year highs (Updates with European trading, changes byline/dateline) By Gus Trompiz and Colin Packham PARIS/CANBERRA, Feb 3 (Reuters) - Chicago corn futures fell for a second session on Wednesday, easing further from a 7-1/2 year high as traders watched to see if a flurry of export sales to China would continue. Soybeans and wheat were also lower, with a firm dollar encouraging grain markets to consolidate after recent highs, traders said. Attention was also turning to the U.S. Department of Agriculture's monthly supply and demand report on Feb. 9 to see how the USDA factors in last week's multi-million tonne sales of U.S. corn to China. The most-active corn futures on the Chicago Board Of Trade were down 0.8% at $5.38-3/4 a bushel by 1304 GMT, moving away from Monday's peak of $5.55-3/4, a level not seen since June 2013. Traders cited selling by investment funds after a series of multi-year highs across grains since last month, despite ongoing supply and demand tensions. Commodity funds were net sellers of Chicago Board of Trade corn, wheat, soybean, soymeal and soyoil futures contracts on Tuesday, traders said. "We're coming up to a new USDA report next Tuesday," Greg McBride of U.S. brokerage Allendale said in a market commentary. "Even though we've made new highs in corn ...it feels like it's a struggle to get there." CBOT soybean futures were down 0.5% at $13.48-1/4 a bushel, while CBOT wheat shed 1.4% to $6.36 a bushel. Grain markets remained underpinned by last week's U.S. corn sales to China, as well as risks to South American supply. Argentine grains exports were disrupted by roadblocks set up by truckers around ports in Buenos Aires province, with the protests expected to move north to the country's main shipping hub of Rosario, local industry sources said on Tuesday. A rain-hampered start to Brazil's soybean harvest was also raising doubts about how soon Brazilian exports will be available to help meet Chinese demand. "There are a few things supporting prices but the biggest, by far, is Chinese demand," said Phin Ziebell, agribusiness economist, National Australia Bank. Prices at 1304 GMT Last Change Pct End Ytd Pct Move 2020 Move CBOT wheat 636.00 -8.75 -1.36 640.50 -0.70 CBOT corn 538.75 -4.25 -0.78 484.00 11.31 CBOT soy 1348.25 -6.50 -0.48 1311.00 2.84 Paris wheat Mar 223.00 -3.00 -1.33 213.25 4.57 Paris maize Mar 215.00 -2.00 -0.92 198.50 8.31 Paris rape May 434.75 -4.25 -0.97 412.00 5.52 WTI crude oil 55.18 0.42 0.77 48.52 13.73 Euro/dlr 1.20 0.00 -0.25 1.2100 -0.73 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne (Reporting by Gus Trompiz in Paris and Colin Packham in Canberra; Editing by Rashmi Aich and Jan Harvey)
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The Link LonkFebruary 03, 2021 at 08:21PM
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GRAINS-Corn eases further from highs as further demand signs awaited - Successful Farming
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