Chicago corn lost ground on Thursday, with prices falling for the second session, while soybeans were largely subdued, with traders positioning ahead of US acreage data.
Wheat prices edged up after being virtually flat in the previous session.
FUNDAMENTALS
* The most active corn contract on the Chicago Board of Trade (CBOT) was down 0.1% at $4.36 a bushel, as of 0055 GMT, and soybeans were flat at $11.07 a bushel. Wheat rose 0.1% to $5.61-1/4 a bushel.
* Traders positioned themselves ahead of the release of US Department of Agriculture (USDA) data. The agency is due to publish its next quarterly report on June stocks and its report on cultivated areas in 2024 on Friday at 1600 GMT.
* The market continues to assess the impact of flooding and extreme heat in the main corn and soybean producing regions of the central United States.
* The wheat market recovered after falling earlier in the week as the US harvest progressed quickly, with good yields, and weather conditions stabilized in Russia and the Black Sea.
* India on Wednesday allowed limited imports of corn, crude sunflower oil, refined rapeseed oil and milk powder under tariff-rate quotas (TRQ), where importers pay no duty or lower duties, as New Delhi attempts to reduce food inflation.
* Commodities funds were net sellers of corn, soybean and soybean meal futures on the CBOT on Wednesday, according to traders. They were net buyers of wheat and soybean oil.
MARKET NEWS
* The U.S. dollar hit its highest level against the Japanese yen in nearly 38 years on Wednesday, with investors speculating heavily that Japanese authorities could intervene to shore up the country’s currency, while major U.S. stock indexes climbed.
DONNÉES/ÉVÉNEMENTS (GMT) 0900 EU Consumer Confid. Final Juin 1230 US Durable Goods May 1230 US GDP Final Q1 1230 US Initial Jobless Clm Weekly (Reporting by Naveen Thukral ; Editing by Sherry Jacob-Phillips)
