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639USc -3.58%

Corn falls 1%, set for biggest weekly loss in 7 months

10/29/2020 | 08:08pm

SYDNEY, Oct 30 (Reuters) - U.S. corn futures fell 1% on Friday as concerns about the economic harm caused by the COVID-19 pandemic pushed the grain towards its biggest weekly loss in seven months.


* The most active corn futures on the Chicago Board Of Trade were down 6% for the week, their biggest weekly loss since March.

* Corn was down 1% at $3.94-1/4 a bushel by 0034 GMT after closing down 0.7% on Thursday, when prices hit a two-week low of $3.93 a bushel.

* The most active soybean futures fell at least 3% for the week, their biggest weekly loss in five weeks.

* The most active wheat futures tumbled 5% this week, their first weekly loss in five weeks.

* The U.S. Agriculture Department said weekly U.S. wheat export sales totalled 803,200 tonnes, topping market forecasts for 200,000 tonnes to 700,000 tonnes.

* Weekly U.S. corn export sales reached 2.244 million tonnes, above estimates for 700,000 tonnes to 1.5 million tonnes. Soybean export sales were 1.630 million tonnes, in line with forecasts.


* The dollar firmed on Friday and the euro wallowed near a four-week low against the greenback after the European Central Bank signalled further monetary easing by the end of the year.

* Oil prices tumbled on Thursday, touching a five-month low on the impact renewed coronavirus lockdowns could have on oil demand. Crude prices were marginally up on Friday.

* Asian markets looked to continue an upward swing on Friday, after a rebound in U.S. equities and strong corporate earnings set the stage.

(Reporting by Colin Packham; Editing by Amy Caren Daniel)

© Reuters 2021
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