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GRAINS-Corn pauses after one-week high on brisk U.S. exports

GRAINS-Corn pauses after one-week high on brisk U.S. exports

· 03/16/2021 07:11
GRAINS-Corn pauses after one-week high on brisk U.S. exports

Weekly corn export inspections above expectations at 2.2 mln T

Soybeans ease as Brazil new crop, U.S. crushing assessed

Moisture boost for U.S. crops weighs on wheat prices

Updates with European trading, changes byline/dateline

By Gus Trompiz and Colin Packham

- Chicago corn was little changed on Tuesday, consolidating after a one-week high as the market weighed higher than expected weekly U.S. export volumes against a lull in Chinese demand.

Soybeans ticked down, curbed by signs of softening demand and harvest progress in Brazil despite recent rain disruption.

Wheat fell as U.S. crop ratings suggested moisture had benefitted winter wheat in dry parts of the U.S. Plains.

The most active corn futures on the Chicago Board Of Trade Cv1 were up 0.1% at $5.50 a bushel by 1050 GMT, near a session peak of $5.52-1/2 a bushel - the highest since March 8.

Corn gained 1.9% in the previous session when it also touched a one-week top.

Weekly U.S. Department of Agriculture (USDA) data on Monday showed corn export inspections of 2.204 million tonnes, up from 1.673 million tonnes in the prior week and exceeding analysts' expectations. nAQN03X0LQ

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

However, traders were still watching to see if demand from China would pick up again after easing in recent weeks. nL1N2LD278

There was also caution as the market awaits indications of U.S. corn and soybean planting trends.

CBOT soybean futures Sv1 were down 0.3% at $14.15 a bushel.

The U.S. soybean crush was 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

Despite forecast downgrades for Argentina's upcoming soybean crop and concern about rain delays to Brazil's ongoing harvest, traders were starting to factor in the arrival of what is widely expected to be record Brazilian soybean production.

"It will become increasingly noticeable that half of the record-high Brazilian soybean crop has now been harvested, despite the delays due to rainfall, and is flooding onto the markets," Commerzbank said in a note.

CBOT wheat Wv1 was down 0.9% at $6.39-1/4 a bushel, after rebounding on Monday from a one-month low.

USDA data issued after the market close on Monday rated 38% of winter wheat in Kansas, the biggest U.S. producing state, in good to excellent condition, up from 36% a week earlier. nL1N2LD2VU



Prices at 1050 GMT







Last

Change

Pct Move

End 2020

Ytd Pct Move

CBOT wheat Wv1

639.25

-5.75

-0.89

640.50

-0.20

CBOT corn Cv1

550.00

0.50

0.09

484.00

13.64

CBOT soy Sv1

1415.00

-4.50

-0.32

1311.00

7.93

Paris wheat May BL2K1

220.75

-2.25

-1.01

210.50

4.87

Paris maize Jun EMAM1

214.75

-1.00

-0.46

198.75

8.05

Paris rape May COMK1

522.75

-3.50

-0.67

412.00

26.88

WTI crude oil CLc1

64.34

-1.05

-1.61

48.52

32.61

Euro/dlr EUR=

1.19

0.00

0.13

1.2100

-1.29

Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne




(Reporting by Gus Trompiz in Paris and Colin Packham in Canberra. Editing by Sherry Jacob-Phillips and Mark Potter)

((gus.trompiz@thomsonreuters.com; +33 1 49 49 52 18; Reuters Messaging: gus.trompiz.thomsonreuters.com@reuters.net))