Chicago Board of Trade corn futures sagged 1.3 percent on Thursday on a round of fund selling as the pace of harvest quickened around the US Midwest and cash markets weakened, traders said. Wheat futures also fell, following corn lower, while soyabeans firmed on strong crude oil markets and some bargain buying.
Corn hit resistance and turned lower after nearing a one-month high, a level it has struggled to break through several times during September, overnight. At 10:47 am CDT (1547 GMT), CBOT December corn futures were down 4-1/4 cents at $3.35-3/4 a bushel. CBOT December soft red winter wheat futures were off 1-1/2 cents at $4.06-1/4 a bushel. Wheat traders were cautious about prospects for a return to normal activity in Egypt given twists and turns in its policy on ergot this year. State grain buyer GASC was holding an import tender on Thursday, following Wednesday's announcement that the country would revert to an international standard on ergot. Traders said that GASC received offers from four wheat suppliers after the grains buyer amended its rules to make final inspection of supplies at the port where the wheat is loaded.
CBOT November soyabean futures were up 3 cents at $9.78-1/2 a bushel after dropping 1.4 percent on Wednesday. Oil rose 2 percent on Thursday, heading for its largest weekly gain in a month, after a surprisingly large drop in US crude inventories emboldened investors ahead of next week's meeting between Opec members and Russia to discuss supply. Expectations for rain that could slow harvest in key soyabean growing areas lent additional support. The soyabean harvest is less advanced than that of corn, making the oilseed more sensitive to heavy rains.
Comments
Comments are closed.