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GRAINS-Corn hits 8-day high on brisk U.S. exports

· 03/15/2021 23:49
GRAINS-Corn hits 8-day high on brisk U.S. exports

USDA pegs corn export inspections at 2 million tonnes

Wheat falls, soybeans hold steady

By Colin Packham

- Chicago corn futures edged higher on Tuesday to notch an eight-day peak after a U.S. government report showed that export demand for the grain remained high.

Soybeans held steady, while wheat edged lower.

The most active corn futures on the Chicago Board Of Trade Cv1 were up 0.3% at $5.51-1/4 a bushel by 0332 GMT, near the session peak of $5.52-1/2 a bushel - the highest since March 8. Corn gained 1.9% in the previous session.

"Prices are being bolstered by a faster pace of U.S. export clearance," said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia.

A weekly U.S. Agriculture Department report showed corn export inspections of 2.204 million tonnes, up from 1.673 million tonnes in the prior week. That topped analysts' expectations, which ranged from 1.2 million to 1.9 million tonnes. nAQN03X0LQ

The most active wheat futures Wv1 were down 0.4% at $6.42-1/2 a bushel, having closed 1% higher on Monday.

Egypt, the second-largest buyer of Russian wheat after Turkey, bought 360,000 tonnes of Romanian wheat last week. Russia imposed high wheat export tax from March 1, and the pace of its exports is down sharply. nL1N2L91P8

The most active soybean futures Sv1 were steady at $14.19-3/4 a bushel, having closed 0.4% firmer on Monday.

The U.S. soybean crush was well below trade expectations in February, sinking to the lowest in 17 months, according to data released by the National Oilseed Processors Association on Monday. nS0N27N01B

(Reporting by Colin Packham, Editing by Sherry Jacob-Phillips)

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