[ad_1]
CANBERRA, Feb.8 (Reuters) – US corn futures edged higher on Monday as strong demand from China pushed prices more than 7-1 / 2 years high.
FUNDAMENTALS
* The Chicago Board of Trade’s busiest corn futures rose 0.3% to $ 5.50 a bushel at 1:40 a.m. GMT. Corn rose 0.3% on Friday and hit a high of $ 5.58 a bushel in June 2013 last week.
* The most active soybean futures rose 0.3% to $ 13.70 1/4 a bushel, after closing 0.4% lower in the previous session.
* Most active wheat futures rose 0.6% to $ 6.45 a bushel, after closing 0.6% higher on Friday.
* The market looks at the US Department of Agriculture (USDA) Supply and Demand report later this week. This is likely to confirm the tightening of soybean and corn stocks.
* USDA reported daily export sales of 101,600 tonnes for delivery to unknown destinations in MY 2020/2021.
* Rain slowed the soybean harvest in Brazil and subsequent corn planting, but forecasters still expect bumper crops.
* In Argentina, the Buenos Aires Grain Exchange on Thursday cut its forecast for the 2020/21 maize crop from 1 million tonnes to 46 million tonnes, citing lower than expected yields due to dry weather.
MARKET NEWS
* The dollar fueled losses against most currencies as disappointing US employment data prompted some investors to reduce their bets on a rebound in the greenback.
* Oil prices have risen, with Brent futures nearing $ 60 a barrel, boosted by supply cuts from major producers and hopes of further economic stimulus in the United States to stimulate Requirement.
* Asian stocks nearly hit record highs, as oil moved closer to $ 60 a barrel in hopes that a $ 1.9 trillion COVID-19 aid package would be passed by lawmakers Americans as of this month, as coronavirus vaccines are being rolled out around the world.
(Reporting by Colin Packham; Editing by Rashmi Aich)
© Copyright Thomson Reuters 2021. Click for restrictions – http://about.reuters.com/fulllegal.asp
Source link
