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GRAINS-Corn falls nearly 1% as global supply fears temper

GRAINS-Corn falls nearly 1% as global supply fears temper

05/10/2021 21:42
GRAINS-Corn falls nearly 1% as global supply fears temper

- U.S. corn futures fell nearly 1% on Tuesday, as concerns about global supplies tempered supported by signs of a more favourable outlook for U.S. crops.

FUNDAMENTALS

* The most-active corn futures on the Chicago Board of Trade Cv1 were down 0.8% at $7.05-1/2 a bushel by 0124 GMT, after closing down 2.8% on Monday. Corn last week hit a March 2013 high of $7.34-1/4 a bushel.

* The most active soybean futures Sv1 fell 0.4% to $15.80-1/4 a bushel, after closing down 0.1% in the previous session. Soybeans hit a October 2012 high of $15.99-1/2 a bushel last week.

* The most active wheat futures Wv1 fell 0.9% to $7.24-1/4 a bushel, after closing down 4.1% in the previous session.

* Rainfall across the U.S. Midwest aids corn crops, while strong planting progress also adding pressure to prices.

* U.S. farmers planted 67% of planned corn acres and 42% of planned soybeans acres, as of May 9, in line with analyst expectations. nAQN0456X5 nL1N2MX1I0

* The USDA is set to issue its first supply and demand estimates for the 2021/22 season on Wednesday, likely predicting continued tightness in U.S. soybean ending stocks. nL1N2MT2TH

MARKET NEWS

* The dollar nursed losses against the currencies of major commodity exporters which enjoyed support from expectations for further gains in the price of oil, copper, steel, and other metals. USD/

* Oil prices settled higher on Monday after a major U.S. fuel pipeline said it could largely restart within the week after a cyber attack forced its shutdown. O/R

* U.S. stocks fell on Monday and the Dow Jones Industrial Average snapped back from a record high, as worries about accelerating inflation dragged on shares and hobbled the dollar, which struggled at a 10-week low. nL1N2MX2AO



(Reporting by Colin Packham; Editing by Rashmi Aich)

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