|End-of-day quote - 03/04|
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.
* 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.
* 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.
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(Reporting by Mai Nguyen; Editing by Subhranshu Sahu)