SINGAPORE, June 14 (Reuters) – Chicago corn futures slid 1.8% on Monday, dropping to their lowest in a couple of week, as improved outlook for provides weighed available on the market.
Wheat and soybeans slid in early Asian commerce.
FUNDAMENTALS
* The Chicago Board of Commerce’s most-active corn contract Cv1 misplaced 1.8% to $6.72-1/2 a bushel, as of 0014 GMT, after hitting its lowest since June four at $6.69 a bushel earlier within the session.
* Wheat Wv1 gave up 0.8% to $6.75 a bushel and soybeans Sv1 fell 0.9% to $14.95-3/four a bushel.
* Late-planted Argentine corn is having fun with better-than-expected yields, prompting the Buenos Aires Grains Trade to extend its 2020/21 harvest estimate to 48 million tonnes from a beforehand estimated 46 million tonnes.
* About 37.8% of the crop has been introduced in to date, the trade mentioned in its weekly report. Argentina, with its huge Pampas grains belt, is the world’s No. Three corn exporter.
* President Joe Biden’s administration, beneath stress from labour unions and U.S. senators together with from his residence state of Delaware, is contemplating methods to supply aid to U.S. oil refiners from biofuel mixing mandates, three sources acquainted with the matter mentioned.
* Russian agriculture consultancy Sovecon mentioned on Friday that it had raised its forecast for the nation’s 2021 wheat crop by 1.5 million tonnes to 82.four million tonnes.
* The forecast was raised after rains in Might improved the situation of winter wheat in Russia’s south, the most important wheat producing and exporting area, Sovecon mentioned in a word.
MARKET NEWS
* European shares, the S&P 500 and an index of worldwide inventory efficiency scaled new peaks whereas yields on U.S., Japanese and European authorities debt fell on Friday as buyers embraced the straightforward financial insurance policies of main central banks. MKTS/GLOB
DATA/EVENTS (GMT)
0630 India WPI Inflation YY Might
0900 EU Industrial Manufacturing MM, YY April
(Reporting by Naveen Thukral; enhancing by Uttaresh.V)
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