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GRAINS-Corn inches higher, lingers near 2013 high on Chinese demand

GRAINS-Corn inches higher, lingers near 2013 high on Chinese demand

· 02/07/2021 21:06
GRAINS-Corn inches higher, lingers near 2013 high on Chinese demand

- U.S. corn futures edged up on Monday, as strong demand from China pushed prices towards a more than 7-1/2-year high.

FUNDAMENTALS

* The most-active corn futures on the Chicago Board Of Trade Cv1 were up 0.3% at $5.50 a bushel by 0140 GMT. Corn rose 0.3% on Friday and hit a June 2013 high of $5.58 a bushel last week.

* The most-active soybean futures Sv1 were up 0.3% at $13.70-1/4 a bushel, after closing 0.4% lower in the previous session.

* The most-active wheat futures Wv1 were up 0.6% at $6.45 a bushel, after ending 0.6% higher on Friday.

* Market eyes U.S. Department of Agriculture (USDA) supply and demand report later this week. It is likely to confirm tightening stocks of soybeans and corn.

* The USDA reported daily export sales of 101,600 tonnes for delivery to unknown destinations during the 2020/2021 marketing year. nFWN2KB1F4

* Rain has slowed Brazil's soybean harvest and subsequent second corn crop planting, but forecasters still expect bumper crops.

* In Argentina, the Buenos Aires Grains Exchange on Thursday cut its 2020/21 corn crop forecast by 1 million tonnes to 46 million tonnes, citing lower-than-expected yields caused by dry weather. nL1N2KA2BT

MARKET NEWS

* The dollar nursed losses against most currencies, as disappointing U.S. jobs data caused some investors to scale back bets on a rebound in the greenback. USD/

* Oil prices rose, with Brent futures nearing $60 a barrel, boosted by supply cuts among key producers and hopes for further U.S. economic stimulus measures to boost demand. O/R

* Asian shares hovered near record highs, while oil edged closer to $60 a barrel on hopes a $1.9 trillion COVID-19 aid package will be passed by U.S. lawmakers as soon as this month just as coronavirus vaccines are being rolled out globally. .N




(Reporting by Colin Packham; Editing by Rashmi Aich)

((colin.packham@thomsonreuters.com; +61-2 9321 8161; Reuters Messaging: colin.packham.thomsonreuters.com@reuters.net))