SINGAPORE, Sept 14 (Reuters) – Chicago corn futures rose on Tuesday with the market recouping losses from the previous session after a government report showed a decline in the condition of the U.S. corn crop.
Wheat gained for the first time in six sessions while soybeans inched higher.
FUNDAMENTALS
* The Chicago Board of Trade (CBOT) most-active corn contract Cv1 was up 0.3% at $5.14-3/4 a bushel, as of 0147 GMT. Soybeans Sv1 rose 0.2% to $12.87-1/4 a bushel and wheat Wv1 gained 0.6% at $6.90-3/4 a bushel.
* Condition ratings for the U.S. corn crop declined last week while the harvest got under way in the core Midwest production belt, the U.S. Department of Agriculture (USDA) said on Monday.
* The U.S. corn harvest was 4% complete, the agency said in a weekly progress report, compared with the five-year average of 5% for this time of year.
* The USDA rated 58% of the corn crop in good-to-excellent condition, down 1 percentage point from the previous week, while soybean ratings were unchanged at 57% good-to-excellent. Analysts surveyed by Reuters on average had expected no change for either crop.
* Soybean futures were underpinned by recent exports, including a daily sales notice of 132,000 tonnes of soybeans to unknown destinations in the 2021/22 marketing year, the USDA.
* Still, weekly export shipments were muted by damaged terminals at the U.S. Gulf after Hurricane Ida swept through the region in early September.
* For the week ended Sept. 9, exporters shipped 138,189 tonnes of corn, down 50.34% from the week prior and 85.29% from the same week a year ago.
* Soybean exporters shipped 105,368 tonnes of the oilseed, up 16.3% from the week prior, but down 93.55% from the same period in 2020.
* Commodity funds were net sellers of Chicago Board of Trade corn, soybean and wheat futures contracts on Monday and net buyers of CBOT soymeal, traders said. COMFUND/CBT
MARKET NEWS
World stock markets edged higher on Monday as gains on Wall Street and European indexes pushed aside – for now – fears over inflation, regulation and higher corporate taxes. MKTS/GLOB
DATA/EVENTS (GMT)
0600 UK Claimant Count Unem Chng Aug
0600 UK ILO Unemployment Rate July
1230 US CPI MM, SA Aug
(Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips)
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