* Corn ticks up after deep losses on improving US demand
* Chicago wheat futures rise, soybean falls in second session (Update Price)
SINGAPORE, Sept 29 (Businesshala) – Chicago corn futures tumbled on Wednesday on the prospect of strong demand, though a fast-moving US harvest season kept a lid on gains.
Wheat rose for the first time in three sessions, while soybean registered a decline.
The most active corn contract on the Chicago Board of Trade (CBOT) was up 0.4% at $5.34-1/2 a bushel by 0339 GMT, after falling 1.3% in the previous session. Wheat rose 0.4% to $7.09-1/2 per bushel, while soybean was down 0.2% at 12.74-1/4 bushel.
US soybean exports hit a six-month peak last week, while corn shipments were the highest in a month as Louisiana Gulf Coast terminals sharply ramped up operations disrupted by Hurricane Ida nearly a month ago, preliminary data reported Monday. were shown.
The US Department of Agriculture (USDA) said as of Sunday 18% of the country’s corn had been harvested, as well as 16% of the soybean crop, both slightly ahead of their respective five-year averages.
Traders await the USDA’s September 30 quarterly annual report on stocks and small grains. Analysts polled by Businesshala averaged expect the government to report US September 1 corn stocks at 1.155 billion bushels, down from the 1.187 billion bushels the USDA projected in its last monthly supply/demand report on September 10. did.
Analysts on average put soybean stocks at 174 million bushels on September 1, up close to the 175 million bushels the USDA estimated on September 10.
China’s corn prices are likely to fall in 2021/22, with good grain supplies in the new year and hopes of a bumper harvest from the new corn crop, an analyst at a government institution said on Tuesday.
Traders said commodity funds were net sellers of CBOT wheat, soybean, corn, soya oil and soymeal futures contracts on Tuesday. (Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips)