CORN FUTURES REBOUND ON STRONG CHINESE DEMAND, WHEAT FIRMS | Hellenic Shipping News Worldwide
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Corn jumps 1% on strong Chinese demand; wheat recovers
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5/17/2021 Near lowest since late April Wheat prices see spillover weakness from corn
(Adds continued weakness in European trade, comment)
By Naveen Thukral and Michael Hogan
SINGAPORE/HAMBURG, May 17 (Reuters) - Chicago corn prices
fell for a fourth straight session on Monday, dropping to the
lowest in almost three weeks on selling pressure and easing
concerns over supplies.
Wheat saw spillover weakness from corn, while soybean prices
also dropped. Corn had hit eight-year highs last week on fears
of tight world supplies. The agriculture market got a bit ahead of itself, said
Phin Ziebell, agribusiness economist at the National Australia
Bank. We are seeing liquidation of long positions which was
5 Min Read
FORT COLLINS, Colo. (Reuters) - Chicago corn futures are trading at multi-year highs after major harvests came up short and China burst on to the import scene, but the U.S. government thinks the situation will be more manageable throughout the next year than market participants might have expected.
Farmer Roger Hadley harvests corn from his fields in his John Deere combine in Woodburn, Indiana, U.S., October 16, 2020. REUTERS/Bing Guan
The key to this supply boost is a substantial recovery in production, though confidence in that is a long way off and inventory is expected to remain historically tight. The outcome of the U.S. crop will be among the first checkpoints, and a strong result could kick off a move toward lower prices.