Corn edges higher, set for weekly gain on USDA forecast

06/10/2021 | 09:15pm

CANBERRA, June 11 (Reuters) - U.S. corn futures edged higher on Friday and were set to rise more than 2% for the week, helped by forecasts of U.S. supplies falling to multi-year lows.


* The most active corn futures on the Chicago Board Of Trade were up 0.3% to $7.00-3/4 a bushel by 0057 GMT, having gained 1.2% in the previous session.

* Corn is up more than 2.5% for the week, the second straight weekly gain.

* The most active soybean futures down more than 2% for the week, the first weekly loss in three weeks.

* The most active wheat futures down nearly 0.5% for the week after finishing up 3.7% in the previous week.

* U.S. corn supplies will fall to an eight-year low due to rising demand from the ethanol and export sectors, the government said on Thursday.

* But the soybean stockpile will be bigger than expected as high prices have cut into demand for soyoil and soymeal, reducing the amount processors will need to crush, the U.S. Agriculture Department said in its monthly World Agricultural Supply and Demand Estimates report.

* Late-planted Argentine corn is enjoying better-than-expected yields, prompting the Buenos Aires Grains Exchange to increase its 2020/21 harvest estimate to 48 million tonnes from a previously estimated 46 million tonnes.


* The dollar index was down slightly on Thursday after alternating between losses and gains earlier in the session as investors digested elevated U.S. inflation and European Central Bank commentary while eyeing the U.S. Federal Reserve's next meeting

* Oil prices edged up to their highest in over two years in volatile trade on Thursday, on optimism for strong economic demand after new U.S. unemployment claims fell to their lowest since the country's first wave of COVID-19 last year.

* Global stock markets rallied to new highs and bond yields slid on Thursday after a jump in U.S. inflation was viewed as insufficient to alter the Federal Reserve's easy monetary policy stance that rising consumer prices will be transitory.

(Reporting by Colin Packham; Editing by Ramakrishnan M.)

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