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GRAINS-Corn gains for fifth day on strong demand, wheat eases

GRAINS-Corn gains for fifth day on strong demand, wheat eases

· 03/17/2021 08:13
GRAINS-Corn gains for fifth day on strong demand, wheat eases

Corn near 1-week high on Chinese demand for U.S. supplies

Chicago soybeans, wheat ease

Adds quote, updates prices

By Naveen Thukral and Sybille de La Hamaide

- Chicago corn futures gained for a fifth consecutive session on Wednesday as Chinese purchases of U.S. supplies underpinned the market.

Wheat prices eased after rising for two straight sessions, while soybeans fell.

"News of a hefty U.S. export sale to China was a plus," said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia.

The most-active corn contract on the Chicago Board Of Trade (CBOT) Cv1 was up 0.1% to $5.55 a bushel as of 1149 GMT, after gaining 0.9% on Tuesday.

Soybeans Sv1 were down 0.6% at $14.14-3/4 a bushel and wheat Wv1 fell 0.7% to $6.42-1/4 a bushel.

"Wheat prices were under pressure due to the improved crop rating and the possibility of the Russian government lifting its export tax rules," French consultancy Agritel said.

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

There could be more demand for corn imports as China faces a threat from armyworm, a pest that attacks corn among other crops.

Pressure to prevent and control armyworm in China this year is significantly higher than last year, the country's agriculture ministry said on Tuesday. nB9N2L100P

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


Prices at 1149 GMT







Last

Change

Pct Move

End 2020

Ytd Pct Move

CBOT wheat Wv1

642.25

-4.75

-0.73

640.50

0.27

CBOT corn Cv1

555.00

0.75

0.14

484.00

14.67

CBOT soy Sv1

1414.75

-8.50

-0.60

1311.00

7.91

Paris wheat BL2K1

222.25

0.25

0.11

213.25

4.22

Paris maize EMAc1

216.50

0.50

0.23

219.00

-1.14

Paris rapeseed COMc1

523.75

-2.00

-0.38

418.25

25.22

WTI crude oil CLc1

64.21

-0.59

-0.91

48.52

32.34

Euro/dlr EUR=

1.19

0.00

-0.03

1.2213

-2.60

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