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GRAINS-Corn lingers around over one-week high on strong export demand

GRAINS-Corn lingers around over one-week high on strong export demand

· 03/16/2021 23:08
GRAINS-Corn lingers around over one-week high on strong export demand

- U.S. corn futures rose on Wednesday, as strong demand for U.S. supplies kept prices around a more than one-week high hit in the previous session.

FUNDAMENTALS

* The most active corn futures on the Chicago Board Of Trade Cv1 were up 0.1% to $5.54-3/4 a bushel by 0248 GMT, after gaining 0.9% on Tuesday when prices hit a March 8 high of $5.55-1/2 a bushel.

* The most active soybean futures Sv1 were down 0.1% to $14.21-1/4 a bushel, after firming 0.3% in the previous session.

* The most active wheat futures Wv1 were up 0.1% at $6.47-1/2 a bushel, having closed up 1% on Tuesday.

* The U.S. Department of Agriculture (USDA) on Tuesday confirmed U.S. corn sales to China totalling 1.156 million tonnes, the highest since January. nL1N2LE1A6

* The sales came after the USDA on Monday reported one of the strongest weeks of corn export inspections on record. nL1N2LD2SY

* Russia is prepared to stop interfering in the regulation of grain exports when the market stabilises, the Interfax news agency cited Agriculture Minister Dmitry Patrushev as saying on Tuesday. nL8N2LE1IU

MARKET NEWS

* Major currencies held tight ranges, as investors looked to the U.S. Federal Reserve's policy meeting for any indications it could start rate hikes earlier or let bond yields rise further. USD/

* Oil prices slipped for a fourth day on worries about rocky demand in Europe, even as hopes of a recovery in U.S. refinery activity were boosted by industry data that showed U.S. crude stockpiles unexpectedly fell last week. O/R

* Asian stocks were set to open mostly lower following a sell-off in U.S. stocks, as investors awaited the Federal Reserve's meeting and whether the central bank will maintain near-zero interest rates amid the economy's post-pandemic recovery. nL1N2LE2U6



(Reporting by Colin Packham; Editing by Rashmi Aich)

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