By Naveen Thukral
SINGAPORE, Aug 31 (Reuters) – Chicago corn futures rose on Tuesday after the market recovered from a one-week low touched within the earlier session, as Hurricane Ida broken U.S. grain export services, stoking worries over provide on the planet’s largest exporter.
Soybeans and wheat firmed.
“Hurricane Ida has completed appreciable harm within the space round New Orleans and Baton Rouge,” Tobin Gorey, director of agricultural technique at Commonwealth Financial institution of Australia stated.
“What particular harm has been to U.S. crop export services is unclear for now. As is the interval of delivery delays.”
Ida broken a grain export elevator owned by world grain dealer Cargill Inc CARG.UL, and rival shipper CHS Inc CHSCP.O warned on Monday its grain facility might lack energy for weeks after the storm tore although the busiest U.S. grains port.
Cargill stated its Reserve, Louisiana, terminal, one among two the corporate operates alongside the Mississippi River close to the Gulf of Mexico, had “sustained important harm” when the storm roared ashore.
Probably the most-active corn contract on the Chicago Board Of Commerce (CBOT) Cv1 was up 0.4% at $5.45 a bushel, as of 0142 GMT, having closed 2% decrease within the earlier session when costs hit an Aug. 24 low of $5.37 a bushel.
Soybeans Sv1 had been up 0.5% at $13.09-3/Four a bushel and wheat Wv1 gained 0.2% at $7.25-1/Four a bushel.
The USDA rated 60% of the U.S. corn crop in good-to-excellent situation in its weekly crop progress report on Monday, unchanged from the earlier week.
Analysts surveyed by Reuters on common had anticipated a 1-point decline.
For soybeans, the USDA rated 56% of the crop as good-to-excellent, regular with the prior week and matching commerce expectations.
The U.S. spring wheat harvest was 88% full, the federal government stated, up from 77% the earlier week and forward of the five-year common of 71%. Analysts surveyed by Reuters on common had estimated harvest progress at 89%.
Drought shrivelled Canada’s wheat crop to its smallest in 14 years, and its canola harvest to a nine-year low, a authorities report confirmed on Monday.
Commodity funds had been internet sellers of CBOT corn, soybean, wheat, soymeal and soyoil futures contracts on Monday, merchants stated. COMFUND/CBT
(Reporting by Naveen Thukral, Modifying by Sherry Jacob-Phillips)
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