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GRAINS-Corn extends losses to hit near 2-month low on U.S. export worries

reuters.com · 09/01/2021 22:30
GRAINS-Corn extends losses to hit near 2-month low on U.S. export worries

- U.S. corn futures fell for a fourth straight session on Thursday and hit their lowest in nearly two months, weighed down by concerns about export delays from the United States.

FUNDAMENTALS

* The most-active corn futures on the Chicago Board Of Trade Cv1 were down 0.8% at $5.18-1/2 a bushel by 0207 GMT, near the session low of $5.18 a bushel - the weakest since July 12. Corn closed down 2.2% in the previous session.

* The most-active soybean futures Sv1 were down 0.2% at $12.75 a bushel, having closed down 1.1% on Wednesday - when prices hit a June 28 low of $12.70 a bushel.

* The most-active wheat futures Wv1 were down 0.4% at $7.10-3/4 a bushel, having closed down 1.1% on Wednesday.

* Commodity funds hold net long positions in Chicago Board of Trade corn and soybean futures, leaving both markets vulnerable to bouts of long liquidation.

* Grain shippers on the U.S. Gulf Coast reported more damage from Hurricane Ida to their terminals on Wednesday as Cargill Inc confirmed damage to a second facility, while power outages across southern Louisiana kept all others shuttered. nL1N2Q324D

* Forecasts pointed to moderate weather for Midwest corn and soy crops, including rain in some dry northwestern zones, as attention turns to harvesting that is getting under way.

* 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

MARKET NEWS

* The dollar loitered around multi-week lows on Thursday, pressured by softer-than-expected U.S. labour data as traders awaited a fuller jobs readout, which is expected to guide the timing of Federal Reserve's pullback in bond buying. USD/

* Oil prices fell after OPEC+ agreed to keep its policy of gradually returning supply to the market at a time when coronavirus cases around the world are surging and many U.S. refiners, a key source of crude demand, remained offline. O/R

* World stock markets closed at new highs on Wednesday as investors looked beyond weak economic data that weighed on the dollar to focus on the likely continuation of massive central bank stimulus measures. .N


(Reporting by Colin Packham; Editing by Subhranshu Sahu)

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