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Monday, April 19, 2021

GRAINS-Corn up 1.1% on global supply concerns, fund buying - Successful Farming

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* Chicago corn futures up 1.1% after 2 sessions of losses

* Concerns over U.S. planting, buying by investors support prices (Adds details of fund positions, estimates on Ukraine's grain exports)

By Naveen Thukral

SINGAPORE, April 19 (Reuters) - Chicago corn futures bounced back on Monday, rising more than 1%, as adverse weather in key growing areas in the United States and fund buying underpinned the market.

Soybeans and wheat edged higher.

The most-active corn futures on the Chicago Board of Trade (CBOT) added 1.1% to $5.92 a bushel, by 0314 GMT, having closed down 0.8% in the previous session.

Soybean futures were up 0.2% at $14.25-3/4 a bushel and wheat rose 0.1% to $6.55-1/2 a bushel.

Corn was supported amid concerns about adverse weather in parts of the United States and South America, denting expectations of bumper global supplies.

Large speculators raised their net long position in CBOT corn futures in the week to April 13, regulatory data released on Friday showed.

The Commodity Futures Trading Commission's weekly commitments of traders report also showed that non-commercial traders, a category that includes hedge funds, increased their net short position in CBOT wheat and cut their net long position in soybeans.

In Europe, the condition of wheat and barley crops in France only fell slightly during the week when the country was hit by a severe cold snap but recently sown spring barley was more severely hit, FranceAgriMer data showed on Friday.

Ukraine's 2021 grain harvest is likely to rise by 13% to 73.6 million tonnes thanks to favourable weather, analyst APK-Inform said on Saturday.

The consultancy said in a report that the harvest could include 27.6 million tonnes of wheat, 7.97 million tonnes of barley and 35.71 million tonnes of corn. It said a higher output would allow Ukraine to increase grain exports to 54.2 million tonnes in 2021/22 season from 45.6 million tonnes in 2020/21. (Reporting by Naveen Thukral; Editing by Shailesh Kuber)

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April 19, 2021 at 11:00AM
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GRAINS-Corn up 1.1% on global supply concerns, fund buying - Successful Farming

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