Corn rebounds from 1-month low; easing supply worries limit gains


Article content

CANBERRA — U.S. corn futures edged higher on Wednesday, rebounding from a one-month low touched in the previous session, although gains were checked by easing concerns about global supplies.

FUNDAMENTALS

* The most active corn futures on the Chicago Board Of Trade were up 0.4% at $6.23-3/4 a bushel by 0201 GMT, having closed 5.6% lower in the previous session when prices hit an April 22 low of $6.17-1/4 a bushel.

* The most active soybean futures were little changed at $15.12 a bushel, having closed down 0.7% in the previous session.

* The most-active wheat futures were down 0.5% at $6.53-1/4 a bushel, having closed 0.9% lower in the previous session when prices hit an April 15 low of $6.46-3/4 a bushel.

* The U.S. Department of Agriculture (USDA) said farmers had planted 90% of intended corn acres as of Sunday, above the five-year average of 80% and just below an average estimate of 91% in a pre-report Reuters poll.

* Brisk planting, coupled with regular rain in the U.S. Midwest, has taken attention away from global supply tensions, although cool spring temperatures have raised some question marks.

* U.S. soybean planting remained ahead of the average pace of recent years, although it was a touch below analyst expectations, the USDA data showed.

Article content

MARKET NEWS

* The dollar wallowed near its weakest since early January against major peers on Wednesday, as Treasury yields eased amid Federal Reserve insistence that stimulus will continue despite current inflationary pressures.

* Oil prices were steady on Wednesday as concerns a possible resumption in Iranian supply would cause a glut were offset by hopes for stronger U.S. fuel demand after a drop in weekly inventory estimates by the American Petroleum Institute.

* World equity markets made gains while the U.S. dollar hit new lows against major currencies on Tuesday after Federal Reserve officials reaffirmed a dovish monetary policy stance that eased inflation concerns.

(Reporting by Colin Packham; Editing by Ramakrishnan M.)



Source link

Latest

Arvind Kejriwal announces Rs 50,000 ex gratia to families who lost member to Covid

The Delhi government will provide Rs 50,000 ex gratia to each family that has lost a member to Covid-19, besides a monthly assistance...

Nitin Gadkari reviews progress of greenfield expressways, access controlled highways

Union minister Nitin Gadkari on Tuesday reviewed the status of award, bidding and pre-construction activities related to five greenfield expressways and 17 access...

An Open Letter to The Human Behind The Code

This here, is dedicated to Kelvin (who, unfortunately, I did not get to go ziplining with), and all those like him. To the...

Meet the Writer: Michael Brooks, Founder/CEO at goLance

My name is Michael Brooks, and I am the CEO and founder of goLance (company), an award-winning online freelance marketplace with more than...

UK house prices rise by most since 1988, but activity begins to cool- RICS

Article content LONDON — British house prices saw their most widespread rises since 1988 last month, but fewer homes were put up for...