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Corn dips after rally, tightening feed supplies curb losses

01/13/2021 | 08:52pm

SINGAPORE, Jan 14 (Reuters) - Chicago corn futures lost ground on Thursday as the market took a breather after a rally to a 7-1/2-year top in the last session, although losses were limited by tightening global supplies.

Soybeans rose, while wheat slid for a second straight session.

FUNDAMENTALS

* The most-active corn contract on the Chicago Board of Trade (CBOT) was down 0.4% at $5.22-1/2 a bushel, as of 0133 GMT, after climbing to its highest since mid-2013 at $5.41-1/2 a bushel on Wednesday.

* Soybeans added 0.1% to $14.07-1/4 a bushel, while wheat lost 0.7% to $6.55-3/4 a bushel.

* The U.S. Department of Agriculture (USDA) revised downwards its estimate of 2020/21 U.S. corn production to below trade expectations and lowered its outlook for ending stocks.

* The agency pegged the 2020 U.S. corn harvest at 14.182 billion bushels based on an average yield of 172.0 bushels per acre and soybean production at 4.135 billion bushels on a yield of 50.2 bushels. All were below average trade expectations, particularly in the case of corn.

* The USDA announced on Wednesday morning that private exporters reported the sale of 464,300 tonnes of soybeans to unknown destinations, the biggest daily soybean sale since June.

* Argentine farmers called off a three-day-old sales strike on Wednesday, hours before it had been scheduled to end, after the government agreed to free corn export from a recently decreed limit of 30,000 tonnes a day.

* The export cap that had been imposed at the start of the week was criticised by growers who said it would weigh on production. Argentina is the world's No. 3 corn exporter and it's the top international supplier of soymeal livestock feed.

* The U.S. soybean crush likely rose in December to the second-highest level on record for any month, capping the busiest year of processing ever for the industry, according to analysts polled ahead of a National Oilseed Processors Association report due on Friday.

MARKET NEWS

* Asian equities made early trading gains on Thursday after a mixed session Wall Street buoyed by expectations of a U.S. stimulus package even as political events in Washington culminated in the impeachment of President Donald Trump.

DATA/EVENTS (GMT) 0630 India WPI Inflation YY Dec 1330 US Initial Jobless Clm Weekly :: China Exports, Imports YY Dec :: China Trade Balance USD Dec (Reporting by Naveen Thukral; Editing by Subhranshu Sahu)

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