Corn lingers near 8-year high on global supply concerns

U.S. corn futures rose for a third consecutive session on Wednesday as concerns that adverse weather in a major producing region pushed prices to a near eight-year high.

FUNDAMENTALS

* The most-active corn futures on the Chicago Board of Trade Cv1 rose 0.7% to $6.10-1/2 a bushel by 0132 GMT after closing up 2.5% in the previous session when prices hit a June 2013 high of $6.11-3/4 a bushel.

* Soybean futures Sv1 were up 0.2% to $14.61-1/4 a bushel, having closed up 1.1% on Tuesday when prices hit a June 2014 high of $14.71-1/2 a bushel.

* Wheat futures Wv1 were up 0.2% at $6.62-1/4 a bushel, having closed up 1.1% on Tuesday.

* Worries about dry conditions curbing corn yields in Brazil and cold weather slowing germination of the 2021 U.S. crop are adding support.

* Tensions in related vegetable oil and biodiesel markets added to strength in soybeans. Traders have sold two shipments of Ukrainian rapeseed this month to Canadian buyers, a highly unusual trade, market sources said.

MARKET NEWS

* The dollar languished on Wednesday, hovering just above a seven-week low with subdued U.S. bond yields reducing the currency’s yield appeal.

* Asian shares and U.S. stock futures fell on Wednesday as concern about a resurgence of coronavirus cases in some countries cast doubt on the strength of global growth and demand for crude oil.
Source: Reuters (Reporting by Colin Packham; editing by Uttaresh.V)