CANBERRA, Could 7 (Reuters) – U.S. corn futures rose almost 1% on Friday, as issues about world provides pushed the grain to a greater than eight-year excessive and on the right track for a weekly leap of greater than 7%.
FUNDAMENTALS
* Probably the most lively corn futures contract on the Chicago Board Of Commerce Cv1 have been up 0.8% to $7.24 a bushel by 0110 GMT, close to the session excessive of $7.25 a bushel, its highest since March 2013. Corn closed up 1.5% on Thursday.
* Corn is up greater than 7.5% for the week, its sixth consecutive weekly acquire.
* Probably the most lively soybean contract Sv1 was up almost 3% for the week, its sixth consecutively weekly acquire.
* Probably the most lively wheat futures contract Wv1 was up greater than 3% for the week, its fifth consecutive weekly rally.
* U.S. corn export gross sales totalled 243,500 tonnes within the week ended April 29, falling under estimates for 300,000 to 1.5 million tonnes after current worth rallies. EXP/CORN
* A 13-year excessive for palm oil, in opposition to a backdrop of tight world edible oil provides, helped enhance soybean costs. POI/
MARKET NEWS
* The greenback dropped to its lowest level in three days on Thursday, as world market threat urge for food improved, whereas sterling zig-zagged after the Financial institution of England slowed the tempo of its bond-buying, however left rates of interest unchanged. USD/
* Oil costs settled decrease on Thursday, reversing early beneficial properties below stress from rising COVID-19 infections in India and elsewhere though costs retained some assist from a report a day earlier that U.S. crude inventories fell extra sharply than anticipated. O/R
* The greenback fell and a gauge of worldwide fairness markets rose on Thursday, as surging commodity costs spurred the prospect of rising inflation and led buyers into economically-sensitive shares on the reflation commerce.
(Reporting by Colin Packham; Enhancing by Rashmi Aich)
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