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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.

FUNDAMENTALS

* 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.

MARKET NEWS

* 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 2020
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