By Naveen Thukral
SINGAPORE, Might 6 (Reuters) – Chicago corn futures climbed 1.6% on Thursday to their highest in additional than eight years, as issues over dry climate in Brazil and powerful demand from animal feed producers buoyed the market.
Wheat prolonged beneficial properties and soybeans edged greater.
“The sentiment is fairly bullish, not simply in corn however your entire grains complicated,” stated Phin Ziebell, agribusiness economist at Nationwide Australia Financial institution.
“There are a whole lot of climate occasions globally, that are supporting costs, though the market has but to see any actual provide shock.”
Probably the most-active corn contract on the Chicago Board of Commerce (CBOT) Cv1 added 1.6% to $7.19-1/four a bushel, as of 0053 GMT. It touched $7.20 a bushel earlier within the session, its highest stage since March 2013.
Wheat Wv1 gained 0.6% to $7.49 a bushel and soybeans Sv1 rose 0.6% to $15.50-3/four a bushel.
Dry climate in Brazil is constant to lift issues about world provides.
Brazil’s cereal exporter affiliation Anec on Wednesday stated the nation would ship some 32 million tonnes of corn this 12 months, 1.6 million tonnes lower than in 2020.
China cancelled purchases of 140,000 tonnes of U.S. corn for supply within the 2020/2021 advertising and marketing 12 months, following the current surge in costs, the U.S. Division of Agriculture (USDA) stated.
Nonetheless, the USDA reported that exporters offered 184,100 tonnes of U.S. corn to Mexico and a complete of 147,320 tonnes to unknown consumers.
French tender wheat shipments outdoors the European Union final month have been the bottom for an April in 9 years, as exports to Morocco and Algeria eased, Refinitiv information confirmed.
Gentle wheat exports to locations outdoors the EU-27 and Britain totalled 665,600 tonnes in April, the 10th month of the 2020/21 season, an preliminary estimate based mostly on Refinitiv loading information confirmed.
Commodity funds have been web consumers of CBOT corn, wheat, soybean and soymeal futures contracts on Thursday, merchants stated. COMFUND/CBT
(Reporting by Naveen Thukral; Modifying by Rashmi Aich and Sherry Jacob-Phillips)
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