CANBERRA, Sept 2 (Reuters) – U.S. corn futures fell for a fourth straight session on Thursday and hit their lowest in practically two months, weighed down by issues about export delays from america.
FUNDAMENTALS
* Probably the most-active corn futures on the Chicago Board Of Commerce Cv1 had been down 0.8% at $5.18-1/2 a bushel by 0207 GMT, close to the session low of $5.18 a bushel – the weakest since July 12. Corn closed down 2.2% within the earlier session.
* Probably the most-active soybean futures Sv1 had been down 0.2% at $12.75 a bushel, having closed down 1.1% on Wednesday – when costs hit a June 28 low of $12.70 a bushel.
* Probably the most-active wheat futures Wv1 had been down 0.4% at $7.10-3/Four a bushel, having closed down 1.1% on Wednesday.
* Commodity funds maintain web lengthy positions in Chicago Board of Commerce corn and soybean futures, leaving each markets susceptible to bouts of lengthy liquidation.
* Grain shippers on the U.S. Gulf Coast reported extra harm from Hurricane Ida to their terminals on Wednesday as Cargill Inc confirmed harm to a second facility, whereas energy outages throughout southern Louisiana stored all others shuttered.
* Forecasts pointed to reasonable climate for Midwest corn and soy crops, together with rain in some dry northwestern zones, as consideration turns to harvesting that’s getting below manner.
* Russian agriculture consultancy Sovecon stated on Tuesday it had minimize its forecast for Russia’s 2021 wheat crop to 75.Four million tonnes from 76.2 million tonnes due to low spring wheat yields.
MARKET NEWS
* The greenback loitered round multi-week lows on Thursday, pressured by softer-than-expected U.S. labour information as merchants awaited a fuller jobs readout, which is predicted to information the timing of Federal Reserve’s pullback in bond shopping for. USD/
* Oil costs fell after OPEC+ agreed to maintain its coverage of regularly returning provide to the market at a time when coronavirus circumstances world wide are surging and plenty of U.S. refiners, a key supply of crude demand, remained offline. O/R
* World inventory markets closed at new highs on Wednesday as traders seemed past weak financial information that weighed on the greenback to concentrate on the probably continuation of large central financial institution stimulus measures. .N
(Reporting by Colin Packham; Modifying by Subhranshu Sahu)
((colin.packham@thomsonreuters.com; +61-2 9321 8161; Reuters Messaging: colin.packham.thomsonreuters.com@reuters.web))
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