GRAINS-Corn rises from near 2-week low, US harvest pace limits gains
SINGAPORE, Oct 25 (Reuters) – Chicago corn edged higher on Wednesday, with the market recovering from last session’s near two-week low while soybeans firmed, although supplies from freshly harvested U.S. crops limited the upside in prices.
Wheat rose after closing lower in the last session on pressure from Russian supplies.
“There is some bargain-buying in corn at these levels,” said one Singapore-based trader. “There are a lot of feed grain supplies in the market, which are going to limit gains.”
A quick harvest pace for U.S. corn and soy is expected to continue until the next round of heavier rains are forecast to move across the Corn Belt later this week.
Farmers had harvested 76% of their soybean crop and 59% of their corn by Sunday, the U.S. Department of Agriculture (USDA) said after trading ended on Monday. The figures, roughly in line with trade expectations, were ahead of the five-year average pace for each crop.
Traders will look for USDA to confirm U.S. soybean export sales in the coming days, after an industry group said a Chinese delegation of commodity importers signed agreements to buy billions of dollars’ worth of agricultural goods.
Russia’s grain harvest in 2023 is seen at 140 million metric tons, down from last year’s record high but still its second-largest ever, with an export potential of about 60 million tonnes, TASS news agency quoted a government minister as saying on Tuesday.
About 700,000 metric tons of grain have been exported through Ukraine’s new Black Sea export corridor since it began operating in August, the Ukrainian agriculture minister said.
Commodity funds were net buyers of CBOT soybean and soymeal futures contracts on Tuesday and net sellers of corn, wheat and soyoil futures, traders said. COMFUND/CBT
(Reporting by Naveen Thukral; Editing by Subhranshu Sahu and Janane Venkatraman)
((naveen.thukral@thomsonreuters.com; +65-6870-3829; Reuters Messaging: naveen.thukral.thomsonreuters.com@reuters.net))
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