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GRAINS-Corn drops for 4th session, U.S. export worries weigh

reuters.com · 09/01/2021 23:47
GRAINS-Corn drops for 4th session, U.S. export worries weigh

Corn at lowest since mid-July as hurricane damages facilities

Chicago wheat futures drop for 5th session, soybeans ease

Recasts, adds quote in paragraph 3-4, fund positioning

By Naveen Thukral

- Chicago corn futures lost more ground on Thursday, falling to their lowest in more than seven weeks on concerns over export delays from the United States following damage from Hurricane Ida to facilities.

Wheat dropped for a fifth consecutive session, while soybeans slid.

"The market continues to explore how to work around stunted U.S. export capacity caused by Hurricane Ida," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia.

"The fact that prices are still falling suggests that is yet to be achieved."

The most-active corn contract on the Chicago Board Of Trade (CBOT) Cv1 gave up 0.7% to $5.19-1/4 a bushel by 0334 GMT, near the session low of $5.18 a bushel, the weakest since July 12.

Soybeans Sv1 were down 0.1% at $12.76 a bushel and wheat Wv1 lost 0.5% to $7.11 a bushel.

Grain shippers on the U.S. Gulf Coast reported more damage from 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.

Agriculture consultancy Sovecon said on Tuesday it 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, soybean, wheat, soyoil and soymeal futures contracts on Wednesday, traders said. COMFUND/CBT

(Reporting by Naveen Thukral; Editing by Shounak Dasgupta)

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