Classy corn from as high as six weeks, soybeans and wheat remain weak
Chicago Corn rose lower on Wednesday, stopped after the highest six weeks when traders set fast export demand and decreased plant ratings on the prospect of the US bumper harvest.
Soybeans subsided, with a lack of Chinese purchases to keep the lid in the market, while wheat extended the daily autumn associated with extensive global supply.
The most active corn contract in the Chicago Trade Council (CBOT) was 0.7% lower at $ 4.20 per bushel at 1203 GMT, after rising to the highest since July 22 at $ 4.24-1/4 Gantang.
In a weekly report on Tuesday, the US Department of Agriculture decreased its condition ranking for corn, although the score remained the highest for 2016.
USDA reduced its sharper ranking for soybean plants, which traders see more exposed to the fridge of the summer’s drought in some parts of the US midwest.
“The ranking of corn and soybeans has slightly slipped but we still see a very large US plant,” said a seed trader in Singapore. “It is difficult for the market to maintain profits with large supplies entering the market.”
Corn has gathered in a series of strong US exports and doubts about whether the harvest will be a record as much as projected by the USDA in mid -August.
“The flow of US exports … it will be very important to maintain price support in the coming months there is no material … setbacks in the prospect of harvest,” Rabobank analyst said in a note.
CBOT soybeans marked 0.4% to $ 10.37-1/4 Gantang, holding near one lowest week that struck on Tuesday.
Lack of purchasing new US soybeans by China, amid a broader trade battle between Beijing and Washington, obscuring the prospects of demand for the oil seed market.
Host Beijing this week for non-West leaders, including Russian President Vladimir Putin and Indian Prime Minister Narendra Modi, have underlined his competition with the United States.
CBOT Wheat dropped 0.4% at $ 5.26-1/4 per bushel.
The price decline in Russia, amid an increase in the prospect of harvest in the largest wheat export country in the world, and the expectations of plants above on average in Australia have burdened the wheat market this week.
Traders continue to monitor the excess rain report in Argentina which can damage the favorable field conditions for the harvest of wheat that will come there.
Source: Reuters
