CANBERRA, Aug 26 (Reuters) – U.S. corn futures fell for the primary time in three periods on Thursday as rains eased issues about crops in a key area of the USA.
Wheat rose greater than 1% as costs rebounded from a two-week low touched within the earlier session, whereas soybeans fell.
Essentially the most-active corn futures on the Chicago Board Of Commerce Cv1 have been down 0.5% at $5.49 a bushel by 0856 GMT, having gained 1.2% within the earlier session when costs hit a six-day excessive of $5.55-3/Four a bushel.
Merchants mentioned the market was in a holding sample as they awaited indicators of the impression of latest rains throughout the U.S. Midwest.
“We all know the crops have been broken, we noticed that within the U.S. Division of Agriculture report earlier this week, however we have to see what impression the higher climate can have on the provision image,” mentioned a Melbourne-based grains dealer who declined to be named as he’s not authorised to speak to the media.
The U.S. Division of Agriculture reported on Monday a weekly decline in crop situations as severely sizzling climate was forecast for the center of the Midwest crop belt. [nL1N2PU1WV
Essentially the most-active wheat futures Wv1 have been up 1.2% at $7.34-1/Four a bushel, having closed down 0.9% on Wednesday when costs hit a two-week low of $7.18-1/2 a bushel.
Essentially the most-active soybean futures Sv1 have been down 0.4% at $13.27-1/2 a bushel, having closed little modified on Wednesday.
The market was watching intently for any indicators of provide disruptions in South America, merchants mentioned.
Argentina mentioned on Wednesday it had fashioned a brand new authorities company to handle dredging operations wanted to make sure navigation of the Parana River, which carries about 80% of the nation’s grains exports from the Pampas farm belt out to sea.
(Reporting by Colin Packham; Modifying by Susan Fenton)
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