By Naveen Thukral
SINGAPORE, Might 21 (Reuters) – Chicago corn futures slid on Friday, though the market was set for a weekly acquire of almost 3% on the again of robust demand led by China and tightening international provides.
Soybeans misplaced floor, with the market on observe for its greatest weekly drop in 4 months whereas wheat is dealing with its second weekly loss.
“One other hefty U.S. export sale to China of season 2021 corn bolstered the market,” mentioned Tobin Gorey, director of agricultural technique at Commonwealth Financial institution of Australia.
“Corn costs, although, have but to make huge inroads into hefty losses final week. Nonetheless, China’s continued shopping for suggests customers proceed to view that worth fall as a wonderful alternative. We anticipate that to be a clever technique given provide continues to be tightening.”
Probably the most-active corn contract on the Chicago Board Of Commerce (CBOT) Cv1 slid 0.8% to $6.59-1/Four a bushel by 0226 GMT, after gaining 1% within the earlier session.
For the week, corn gained 2.4% to date, recovering from losses of greater than 12% final week.
Soybeans Sv1 dropped virtually 4% this week, the market’s greatest one-week decline since late-January and wheat Wv1 misplaced almost 5%, the second straight weekly fall.
Personal exporters reported the sale of 1.224 million tonnes of corn to China for supply within the 2021/22 advertising and marketing 12 months, the U.S. Division of Agriculture (USDA) mentioned on Thursday.
The federal government introduced corn sale to China for the sixth day in a row, with the deal topping 1 million tonnes on 5 of these days.
Corn export gross sales totalled 4.339 million tonnes within the week ended Might 13, probably the most in almost two months, the USDA mentioned. EXP/CORN
Consultancy Agroconsult slashed its forecast for Brazil’s upcoming second annual corn crop by 15% to 66.2 million tonnes on Wednesday afternoon.
Expectations of a bumper U.S. wheat crop weighed on costs.
Scouts on an annual tour of Kansas wheat fields discovered file yield potential within the prime U.S. winter wheat state’s crop following late-season rains.
Commodity funds had been web sellers of CBOT soybeans, wheat, soymeal and soyoil futures contracts on Thursday. They had been web consumers of CBOT corn, merchants mentioned. COMFUND/CBT
(Reporting by Naveen Thukral, Enhancing by Sherry Jacob-Phillips)
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