Corn jumps to two-week high, wheat rises for third session
Chicago corn and soybean futures rose more than 1% on Monday, with concerns over adverse weather in the U.S. Midwest driving prices higher.
Wheat rose 1% to its highest level in more than a week.
* The most-active corn contract on the Chicago Board of Trade (CBOT) was up 1.5% at $5.21-1/4 a bushel, as of 0028 GMT, after touching its highest since June 30 at $5.23 earlier in the day.
* Soybeans climbed 1% to $13.84 a bushel, while wheat gained 1% to $6.68-1/4 a bushel, have risen earlier in the session to $6.70, the highest since July 6.
* Concerns over dryness in the U.S. Midwest are supporting corn and soybean futures. The U.S. corn crop is going through its key pollination phase and a lack of moisture could curb yields.
* A U.N.-brokered deal that allows the safe Black Sea export of Ukrainian grain has not been extended as of Sunday, but “everything is possible,” the Russian TASS state news agency reported, citing two unnamed United Nations sources.
* The last ship to travel under the U.N.-brokered deal that allows the safe Black Sea export of Ukrainian grain left the port of Odesa early on Sunday ahead of a deadline to extend the agreement, according to a Reuters witness and MarineTraffic.com.
* China’s summer wheat output fell 0.9% this year, official data showed on Saturday, the first decline in seven years after heavy rain hit key growing areas just ahead of the harvest.
* Output in the world’s top grower of the grain fell to 134.53 million metric tons, the National Bureau of Statistics said, although it added that this year still brought a bumper harvest.
* Large speculators increased their net short position in CBOT corn futures in the week to July 11, regulatory data released on Friday showed.
* The Commodity Futures Trading Commission’s weekly commitments of traders report also showed that noncommercial traders, a category that includes hedge funds, trimmed their net short position in CBOT wheat and cut their net long position in soybeans.
* Asian shares got off to a subdued start on Monday as markets braced for a raft of Chinese economic data that could well underwhelm, while earnings season picks up steam with Tesla on the docket.
DATA/EVENTS (GMT) 0200 China Urban Investment (YTD) YY June 0200 China Retail Sales YY June 0200 China GDP YY Q2 0200 China Unemp Rate Urban Area June 1000 EU Reserve Assets Total June :: UK House Price Rightmove MM, YY July Source: Reuters (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)