Corn extends losses on U.S. harvest stress; wheat eases

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SINGAPORE — Chicago corn futures misplaced extra floor on Monday with a quickly advancing U.S. harvest season including stress on costs.

Wheat slid for the primary time in 4 periods whereas soybeans eased.

FUNDAMENTALS

* Essentially the most-active corn contract on the Chicago Board of Commerce (CBOT) was down 0.4% at $5.24-1/2 a bushel, as of 0018 GMT, wheat misplaced 0.2% to $7.22-1/4 a bushel and soybeans gave up 0.2% to $12.83 a bushel.

* The market is concentrated on crop dimension and high quality because the U.S. corn and soybean harvests are anticipated to ramp up throughout the U.S. Midwest.

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* Within the wheat market, a run of tenders by importers, harvest setbacks within the Northern Hemisphere and rumors about additional Russian export restrictions supported futures final week.

* Prospects for a big wheat harvest in Australia have tempered world provide issues, though China has made massive advance purchases of the crop.

* Soymeal costs in China, the world’s high client of the animal feed ingredient, are rising after not less than 20 soybean crushing crops shuttered to adjust to curbs on industrial energy consumption, trade members mentioned on Friday.

* 5 crushing crops within the northern metropolis of Tianjin closed final week, Tianfeng Futures mentioned in a notice on Friday, together with a facility owned by high buying and selling home Louis Dreyfus Firm.

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* Ukraine has exported 12.8 million tonnes of grain up to now within the 2021/22 July-June season versus 11.3 million on the similar level a yr earlier, agriculture ministry knowledge confirmed on Friday.

* Massive speculators raised their web lengthy place in CBOT corn futures within the week ended Sept. 21, regulatory knowledge launched on Friday confirmed.

* The Commodity Futures Buying and selling Fee’s weekly commitments of merchants report additionally confirmed that noncommercial merchants, a class that features hedge funds, elevated their web quick place in CBOT wheat and minimize their web lengthy place in soybeans.

MARKET NEWS

* Wall Road’s S&P 500 posted a slim achieve on Friday whereas main European markets slumped as traders weighed potential fallout from debt-laden China Evergrande and U.S. bond yields pushed larger after hawkish stances from central banks.

DATA/EVENTS (GMT) 1230 US Sturdy Items Aug (Reporting by Naveen Thukral; Modifying by Sherry Jacob-Phillips)