February 24, 2018, 10:43 pm
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Corn falls, wheat rebounds

Chicago corn futures lost ground on Thursday, falling for four out of five sessions with pressure on the market ahead of a key US government report that is expected to boost production estimate.

Wheat edged higher on bargain-buying after two days of decline although prices were capped by lack of demand for US cargoes and soybeans ticked lower following gains in the past three days.

The most-active corn contract on the Chicago Board Of Trade slipped 0.2 percent to $3.47-1/2. Corn closed up 0.1 percent on Wednesday after earlier dropping to 3.45-3/4 a bushel, the lowest since Nov. 1.

Wheat added 0.2 percent to $4.27-1/2 a bushel, having closed down 0.1 percent on Wednesday, while soybean was down 0.1 percent to $9.98 a bushel, having firmed 0.3 percent on Wednesday.

Market focused on the US Department of Agriculture report, which is expected to show higher US corn yields, lower soybean yields and still ample global supplies of grains and oilseeds.

Argentina’s Rosario exchange raised its 2017/18 corn crop estimate to at least 41.5 million tons versus 41 million tons, it said on Wednesday, citing good climate conditions. In the soybean market, the spotlight is on Brazil where much-needed rains are expected.

“Weather forecasters are more confident that soybean regions in Mato Grosso, Brazil will get enough rain this weekend to boost soil moisture,” said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia. – Reuters
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