GRAINS-Corn eases as market awaits U.S. stocks report, set for monthly gain

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* Corn declines after Wednesday’s gains, market watch US stocks report

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* Wheat futures prices fall, loss due to tightening global supply

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* Corn on track for monthly growth after 4 months of losses

* Wheat, soybean futures set to close lower in September (adds quote in paragraph 3, fund positioning)

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SINGAPORE, Sept 30 (Businesshala) – Chicago corn futures lost ground on Thursday as traders squared off positions ahead of a widely-watched US Department of Agriculture (USDA) report, which expected stocks to show tighter gains in the United States. Is.

Soybean changed marginally while wheat softened.

“The USDA will report on the US corn inventory tonight,” said Tobin Gorey, director of agricultural strategy at the Commonwealth Bank of Australia. “The report should show a substantial, but surprising, rundown in US inventory.”

The most active corn contract on the Chicago Board of Trade (CBOT) fell 0.1% to $5.38-1/2 per bushel by 0.258 GMT, after gaining 1.2% in the previous session.

Soybean was broadly unchanged at $12.83-1/2 a bushel, while wheat was down 0.2% at $7.09 a bushel.

After four months of decline, maize futures are likely to close marginally higher this month, while wheat and soybean prices are likely to decline.

Analysts polled by Businesshala expect the USDA to take US corn stocks to 1.155 billion bushels at the end of September 1, down from 1.187 billion bushels at the end of June.

Analysts estimate soybean stocks at 174 million bushels, close to the USDA’s previous forecast of 175 million bushels.

The USDA is expected to lower its estimate for the US 2021 wheat crop.

China on Thursday set lower tariff rate quotas for imports of wheat, corn and rice in 2022, the same as last year.

According to a notice published on the website of the National Development and Reform Commission, the tariff rate quotation for wheat imports in 2022 was fixed at 9.636 million tonnes.

As per the state planner the import quota for maize and rice was fixed at 7.2 million tonnes and 5.32 million tonnes respectively.

Traders said commodity funds were net buyers of CBOT wheat, corn, soybean, soymeal, soya oil and wheat futures contracts on Wednesday. (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)


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