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SINGAPORE — Chicago corn futures slid 1.8% on Monday, dropping to their lowest in more than one week, as improved outlook for supplies weighed on the market.
Wheat and soybeans slid in early Asian trade.
FUNDAMENTALS
* The Chicago Board of Trade’s most-active corn contract lost 1.8% to $6.72-1/2 a bushel, as of 0014 GMT, after hitting its lowest since June 4 at $6.69 a bushel earlier in the session.
* Wheat gave up 0.8% to $6.75 a bushel and soybeans fell 0.9% to $14.95-3/4 a bushel.
* Late-planted Argentine corn is enjoying better-than-expected yields, prompting the Buenos Aires Grains Exchange to increase its 2020/21 harvest estimate to 48 million tonnes from a previously estimated 46 million tonnes.
* About 37.8% of the crop has been brought in so far, the exchange said in its weekly report. Argentina, with its vast Pampas grains belt, is the world’s No. 3 corn exporter.
* President Joe Biden’s administration, under pressure from labor unions and U.S. senators including from his home state of Delaware, is considering ways to provide relief to U.S. oil refiners from biofuel blending mandates, three sources familiar with the matter said.
* Russian agriculture consultancy Sovecon said on Friday that it had raised its forecast for the country’s 2021 wheat crop by 1.5 million tonnes to 82.4 million tonnes.
* The forecast was raised after rains in May improved the condition of winter wheat in Russia’s south, the largest wheat producing and exporting region, Sovecon said in a note.
MARKET NEWS
* European shares, the S&P 500 and an index of global stock performance scaled new peaks while yields on U.S., Japanese and European government debt fell on Friday as investors embraced the easy monetary policies of major central banks.
DATA/EVENTS (GMT) 0630 India WPI Inflation YY May 0900 EU Industrial Production MM, YY April (Reporting by Naveen Thukral; editing by Uttaresh.V)
The Link LonkJune 14, 2021 at 07:34AM
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Corn at 1-week low on improved supply outlook; wheat, soybeans fall - Financial Post
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