SINGAPORE/PARIS — Chicago corn slid on
Tuesday, easing from a four-week high scaled in the previous
session, as a rapid US harvest put pressure on prices.
Wheat edged higher after falling in the previous session,
while soybeans also lost ground.
“Demand for grains is still very strong, and the US
harvest has picked up,” said Ole Houe, director of advisory
services at brokerage IKON Commodities in Sydney. “There is
likely to be a bit of harvest pressure starting to show up.”
The most-active corn contract on the Chicago Board of Trade
(CBOT) lost 0.3% to $5.38 a bushel, as of 1044 GMT, after
hitting its highest since Aug. 31 at $5.40 a bushel on Monday.
Soybeans gave up 0.5% to $12.81-1/2 a bushel, while
wheat gained 0.4% to $7.25 a bushel.
After the CBOT close on Monday, the US Department of
Agriculture (USDA) said the US harvest was 18% complete for
corn and 16% for soybeans, both slightly ahead of the five-year
averages of 15% and 13%, respectively.
Corn rallied in the previous session amid expectations of a
recovery in demand.
Traders are looking ahead to the USDA’s Sept. 30 quarterly
stocks report. Analysts surveyed by Reuters on average expect
the government to report US Sept. 1 corn stocks at 1.155
billion bushels, below the 1.187 billion bushels that the USDA
projected in its last monthly supply/demand report on Sept. 10.
Russian wheat export prices rose for an 11th consecutive
week, following higher global benchmarks in Chicago and Paris,
analysts said on Monday.
On the oilseed complex, Paris-based rapeseed benchmark
November hit a new contract high for a sixth consecutive
session on Tuesday at 628 euros a tonne, supported by strong
biodiesel prices. It has gained 20% in the past two months.
Commodity funds were net buyers of CBOT corn, soybean,
soymeal and soyoil futures contracts on Monday and net sellers
of wheat futures, traders said. COMFUND/CBT
Prices at 1044 GMT
Last Change Pct
CBOT wheat 725,00 2,75 0,38
CBOT corn 538,00 -1,50 -0,28
CBOT soy 1281,50 -6,00 -0,47
Paris wheat Dec 255,75 2,50 0,99
Paris maize Nov 227,50 2,50 1,11
Paris rape Nov 627,50 2,00 0,32
WTI crude oil 76,28 0,83 1,10
Euro/dlr 1,17 0,00 -0,13
(Reporting by Naveen Thukral Editing by Subhranshu Sahu and