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SINGAPORE: Chicago corn rose for a third session in a row on Thursday, supported by strong demand from China and uncertainty over a Black Sea export deal, although gains were limited by the US banking crisis. Wheat slipped for the first time in five cycles, while soybeans took over.
The most active corn contract on the Chicago Board of Trade (CBOT) was up 0.1% at $6.27 a bushel, as of 0227 GMT. Wheat fell 0.6% to $6.98-1/4 a bushel and soybeans added 0.2% to $14.92-1/2 a bushel.
Grain prices rose after the US Department of Agriculture confirmed the sale of 667,000 tonnes of US corn to China for delivery in 2022/23. Uncertainty over whether a deal to allow grain shipments from Ukraine’s Black Sea ports would be extended by a deadline later this week continued to lift prices, traders said, after Kyiv rejected Russian demands for a shorter 60-day renewal.
Turkey said it would continue talks to extend the agreement by 120 days rather than 60 days, but the German government on Wednesday accepted Moscow’s demand to extend the deal beyond 60 days.
Russia and Ukraine are among the world’s biggest corn and wheat exporters, and the creation of the corridor has helped cool global food prices that hit record highs after Russia invaded Ukraine a year ago. Grain on the agricultural market was hampered by the banking crisis in the United States.
Asian shares fell on Thursday and investors bought gold, bonds and the dollar as fears of a banking crisis were revived by fresh troubles at Credit Suisse, leaving markets in range ahead of a European Central Bank meeting later in the day.
Farmers in Brazil, the world’s top soybean exporter, have harvested more than half of the expected record crop, experts said. However, Argentina’s soybean crushing plants are operating at their lowest capacity on record due to the effects of a brutal drought, the head of the country’s top grain processing agency said on Wednesday.
Corn nearly 1 week higher in supply in Argentina, soybeans firm
Argentina, a leading exporter of soybean meal and soybean oil, is likely to produce 27 million tonnes of soybeans this season, the lowest in nearly a quarter of a century, due to low rainfall and high temperatures, the Argentine Grain Market in Rosario said.
Commodity funds were net buyers of CBOT corn and wheat futures on Wednesday and were net sellers of soybeans, soybean meal and soybean oil, traders said.