By Julie Ingwersen
CHICAGO, Sept 1 (Reuters) – U.S. corn futures fell about 2% on Wednesday, with the benchmark December contract CZ1 hitting a seven-week low as worries about transport delays from the U.S. Gulf Coast triggered a spherical of lengthy liquidation, analysts mentioned.
Soybean futures touched a two-month low and wheat adopted the weaker development. Commodity funds maintain web lengthy positions in Chicago Board of Commerce corn and soybean futures, leaving each markets weak to bouts of lengthy liquidation.
CBOT December corn CZ1 settled down 11-1/2 cents at $5.22-3/Four per bushel, after dipping to $5.18-1/4, the contract’s lowest since July 12.
CBOT November soybeans SX1 ended down 14-3/Four cents at $12.77-3/Four a bushel after hitting $12.70, its lowest since June 28. December wheat WZ1 fell Eight cents to settle at $7.14-1/Four a bushel.
Grain shippers on the U.S. Gulf Coast reported extra harm from Hurricane Ida to their terminals on Wednesday as Cargill Inc confirmed harm to a second facility, whereas energy outages throughout southern Louisiana saved all others shuttered.
Corn futures fell for a 3rd day on fears that the issues may again up exports by the busiest U.S. grains port as the autumn harvest approaches.
“This week’s Ida-related promoting led to chart-related promoting within the grain and oilseed sector as momentum stays to the draw back,” mentioned Arlan Suderman, chief commodities economist for StoneX.
Forecasts pointed to average climate for Midwest corn and soy crops, together with rain in some dry northwestern zones, as consideration turns to harvesting that’s getting below approach.
Wheat futures adopted corn and soy decrease, retreating farther from 8-1/2-month highs set in mid-August when worries about wheat shortfalls in North America and Russia had roiled markets.
“The basics of the northern hemisphere (crops) are usually identified,” consultancy Agritel mentioned in a notice. “It’s primarily technical concerns which are at the moment dominating.”
Sovecon mentioned on Tuesday it had reduce its forecast for Russia’s 2021 wheat crop to 75.Four million tonnes from 76.2 million, with the consultancy citing low spring wheat yields.
(Reporting by Julie Ingwersen in Chicago; further reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; Enhancing by Subhranshu Sahu, Jonathan Oatis and Richard Pullin)
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