GRAINS-Corn rises on demand hopes, but U.S. harvest limits gains

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SINGAPORE, Sept. 29 (Businesshala) – Chicago corn futures tumbled on Wednesday on the prospect of strong demand, though a fast-moving US harvest season curbed gains.

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Wheat rose for the first time in three sessions, while soybean registered a decline.

fundamentals

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* The most active corn contract on the Chicago Board of Trade (CBOT) was up 0.6% at 5.35-3/4 per bushel, as of 0040 GMT, after falling 1.3% in the previous session. Wheat rose 0.4% to $7.09-1/4 per bushel and soybeans rose 0.1% to $12.76-1/4 per 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 steadily intensified operations disrupted by Hurricane Ida nearly a month ago, preliminary on Monday. The data was shown.

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* 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 averaged soybean stocks at 174 million bushels as of 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.

* Commodity funds were net sellers of CBOT wheat, soybean, corn, soya oil and soymeal futures contracts on Tuesday, traders said.

market news

* Global stocks fell for the third day in a row on Tuesday, with fall in tech stocks, raising bond yields on both sides of the Atlantic on worries when central banks might raise interest rates.

Data/Event (GMT) 0900 EU Consumer Confidence. Last September 1545 Federal Reserve President Jerome Powell, ECB President Christine Lagarde, Bank of Japan Governor Haruhiko Kuroda and Bank of England Governor Andrew Bailey speak at the ECB Forum on Central Banking (Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips) )

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