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GRAINS-Wheat eases for 4th session on demand concerns; corn flat

GRAINS-Wheat eases for 4th session on demand concerns; corn flat

reuters.com · 09/01/2021 00:09
GRAINS-Wheat eases for 4th session on demand concerns; corn flat

Rally in prices raises worries about wheat, corn demand

Hurricane Ida damages Louisiana grain terminal, disrupts exports

Recasts with move in wheat futures, adds quote in paragraph 3

By Naveen Thukral

- Chicago wheat futures slid for a fourth consecutive session on Wednesday, weighed down by worries over demand for agricultural products following a recent rally in prices.

Corn and soybeans were little changed.

"Prices have gone up a lot and now we are seeing the impact on demand," said one Singapore-based trader. "Buyers are reluctant to lock deals at current price levels."

The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 fell 0.2% to $7.21 a bushel, as of 0351 GMT. In August, wheat futures climbed to their highest in more than eight years.

Corn Cv1 was unchanged at $5.34-1/4 a bushel and soybeans Sv1 lost 0.1% to $12.91-1/4 a bushel.

Hurricane Ida damaged a grain export elevator owned by global grain trader Cargill Inc CARG.UL and rival shipper CHS Inc CHSCP.O warned on Monday its grain facility may lack power for weeks after the storm tore through the busiest U.S. grains port. nL1N2Q11O2

The U.S. Department of Agriculture rated 60% of the U.S. corn crop in good-to-excellent condition in its weekly crop progress report on Monday, unchanged from the previous week, while analysts surveyed by Reuters on average had expected a 1-point decline.

Russian agriculture consultancy Sovecon said on Tuesday it had cut its forecast for Russia's 2021 wheat crop to 75.4 million tonnes from 76.2 million tonnes because of low spring wheat yields. nL1N2Q21B4

Commodity funds were net sellers of CBOT corn, wheat, soybean, soymeal and soyoil futures contracts on Tuesday, traders said. COMFUND/CBT

(Reporting by Naveen Thukral; Editing by Subhranshu Sahu)

((naveen.thukral@thomsonreuters.com; +65-6870-3829; Reuters Messaging: naveen.thukral.thomsonreuters.com@reuters.net))