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649.75USc -0.35%

Corn hits 2-week high on China demand, Brazil rains support soybeans

01/26/2021 | 09:42pm

HANOI, Jan 27 (Reuters) - Chicago corn futures rose to a two-week high on Wednesday as China's purchase of U.S. supplies of the grain hit the highest level since July, while slow harvesting in Brazil due to rains supported soybean prices.

FUNDAMENTALS

* The Chicago Board of Trade (CBOT) most-active corn contract climbed as much as 1.4% to $5.39-1/2 a bushel, its highest since Jan. 13, and was on track to post its third straight session of gains.

* The U.S. Department of Agriculture announced on Tuesday the biggest corn sale since July of 1.36 million tonnes to China, the world's second-largest consumer of the grain behind Japan.

* Soybean prices hit $13.85 a bushel, a level unseen since Jan. 21.

* Rains disrupted harvest in Brazilian soybean-growing areas, slowing down field work in the world's largest soy producer and potentially delaying planting of the country's second corn crop.

* Wheat advanced 0.6% to $6.69-1/4 a bushel by 0155 GMT, having hit its highest since Jan. 21 of $6.70-3/4 a bushel earlier in the session, on higher export tax from major producer Russia.

* Russia, one of the world's largest wheat exporters, said on Tuesday it had formally approved a proposal to impose a higher export tax on wheat from March 1 in another push to curb a rise in domestic food prices triggered by the COVID-19 crisis.

MARKET NEWS

* Asian equities looked set to rise, bouncing back from a steep sell-off in the previous session, while Australian stocks were seen opening weaker in a catch-up after a Tuesday holiday.

DATA/EVENTS (GMT)

1330 US Durable Goods Dec

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announces its decision on interest rates followed by

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1930 U.S. Federal Reserve chairperson holds a news

conference

(Reporting by Mai Nguyen; Editing by Subhranshu Sahu)

© Reuters 2021
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