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GRAINS-Corn futures extend losses on U.S. planting expectations

13 апреля 2021 года

* Dry weather expected to raise pace of planting

* Selling by funds pressures corn prices

* China's soybean and grains imports surge on strong demand (Updates prices, adds China Q1 grains, oilseed imports)

By Naveen Thukral

SINGAPORE, April 13 (Reuters) - Chicago corn futures lost more ground on Tuesday as prices fell for a third session running, with dry weather in the U.S. grain belt expected to facilitate crop planting.

Wheat and soybean prices, meanwhile, edged higher.

"Dry weather is likely to boost planting, but it is also a risk to yields with this amount of dryness," said Ole Houe, director of advisory services at brokerage IKON Commodities in Sydney.

"There has been fund selling as well because funds have record long positions."

The most active corn contract on the Chicago Board of Trade (CBOT) fell 0.3% to $5.67-1/2 a bushel by 0731 GMT. On Friday the market hit its highest since June 2013 at $5.95 a bushel.

Wheat added 0.6% to $6.31-3/4 a bushel while soybeans gained 0.4% to $13.87-3/4 a bushel.

The U.S. Department of Agriculture said U.S. farmers were able to plant 4% of their intended corn acreage as of Sunday, below the range of analyst estimates in a Reuters poll.

In a report released on Monday, the USDA said corn planting progress was up from 2% a week earlier and ahead of the five-year average of 3%. Pre-report trade estimates from 10 analysts surveyed by Reuters for the week ended April 11 ranged from 5% to 8%.

There was some support for grains and oilseed prices from strong Chinese demand.

Chinese imports of soybeans, as well as grains such as corn and wheat, soared in the first quarter on increased demand from the livestock sector, customs data showed on Tuesday.

March soybean imports almost doubled year on year, according to customs data, as cargoes of beans from top exporter Brazil cleared customs after delays. Meanwhile, first-quarter corn and wheat shipments jumped on elevated domestic corn prices amid a supply shortage, the data showed.

Favourable weather in the Black Sea regions capped gains in wheat prices.

Consultancy Sovecon on Friday raised its forecast for Russia's 2021 wheat crop by 1.4 million tonnes to 80.7 million tonnes, citing favourable weather.

IKAR has raised its forecast for Russia's 2021 wheat crop to 81 million tonnes, the Russian agriculture consultancy said on Monday.

Farmers in Brazil, who planted their second corn crop outside the ideal climate window, are bracing for potential yield losses across Center-South states, AgRural, an agribusiness consultancy, said on Monday.

At the end of March AgRural reduced its estimate of second-crop corn production to 80.1 million tonnes.

Commodity funds were net sellers of CBOT soybean, corn, wheat and soyoil futures contracts on Monday, traders said. The funds were net buyers of CBOT soymeal.

Source: Reuters  |  #grain   |  Comments: 0   Views: 10


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