CORN FIRMS DRIVEN UP BY STRONG DEMAND, LINGERS NEAR 2013 HIGH

U.S. corn futures rose on Tuesday as strong demand for supplies pushed prices toward a more than seven-year high.

FUNDAMENTALS

The most active corn futures on the Chicago Board Of Trade were up 0.3% at $5.51 a bushel by 0139 GMT. Corn rose 0.4% on Monday when prices hit a June 2013 high of $5.54 a bushel.

The most active soybean futures were up 0.2% at $13.68 a bushel, having closed down 0.3% on Monday.

The most active wheat futures were up 0.2% at $6.52-1/2 a bushel, having closed down 1.8% on Monday.

The U.S. Agriculture Department confirmed private export sales of 125,730 tonnes of U.S. corn to Mexico and another 110,000 tonnes to Japan on Monday morning, for delivery in the 2020/21 marketing year.

That was on top of corn sales last week to China totalling 3.74 million tonnes, one of the largest U.S. corn export sales weeks on record.

Russia, one of the world’s largest wheat exporters, is considering a formula-based tax on the wheat it sends abroad from June 1, a month earlier than previously stated, two sources familiar with government talks told Reuters on Saturday.

MARKET NEWS

The dollar hovered near a seven-week high versus major peers on Tuesday amid views that the United States has an advantage in growing its economy and vaccinating its population against COVID-19.

Asian markets looked set for a modestly firmer start on Tuesday as global markets faced another chaotic week, with retail investors expanding their duel with Wall Street into commodities and driving up the price of silver.
Source: Reuters (Reporting by Colin Packham; Editing by Amy Caren Daniel)