International
GRAINS-Corn at a 3.5-year low according to the United States harvest prospects, weakening fuel demand
* Corn futures prices drop for the 7th session to the lowest since 2016
* South American supply, slowdown in soybean demand in China (add details on speculators, quote in paragraphs 7.8; updates prices)
By Naveen Thukral
SINGAPORE, April 6 (Reuters) – Chicago corn futures slipped Monday for the seventh consecutive session to their lowest level since 2016 as falling crude oil prices threatened to undermine ethanol demand- grain-based fuel.
Soybeans fell to a two-week low, as prices were weighed down by a bumper South American harvest and a lack of Chinese purchases of American products.
Most active corn contract on the Chicago Board Of Trade was down 0.3% to $ 3.29-3 / 4 a bushel, at 3:25 a.m. GMT, near the session low of $ 3.27 on bushel – the weakest since September 2016.
Fuel consumption plays a role in the demand for ethanol, as the United States requires that corn-based fuel be mixed with the country’s fuel tank.
Oil prices fell more than $ 1 a barrel on Monday after major world producers delayed a meeting to discuss production cuts that could partially alleviate oversupply in world markets as the pandemic hit. coronavirus drops demand.
There was additional pressure on corn prices due to expectations of a large American harvest.
“The market is facing a huge crop of corn in the United States,” said Tobin Gorey, director of agricultural strategy at the Commonwealth Bank of Australia.
“Many people have been slow to accept the possibility of a huge harvest. Acceptance is growing, however, “crushing” the lower prices initially created by the drop in oil prices. ”
Soybeans lost 0.2% to $ 8.52-1 / 2 a bushel.
The market continues to suffer from the headwinds of bumper crops in South America and muted export demand despite China’s commitment to increase purchases of American agricultural products.
Wheat futures added 1.2% to $ 5.56 a bushel, after closing 1.4% firmer on Friday.
Wheat has been supported by provisional signs of increased demand, but traders fear a stronger dollar will hinder US exports.
On Friday, the United States Department of Agriculture (USDA) announced private sales of 567,000 tonnes of American corn to China, mainly for shipment after the fall harvest.
Major speculators reduced their short net position in CBOT corn futures during the week ended March 31, regulatory data released on Friday showed.
The Commodity Futures Trading Commission Weekly Trader Commitments Report also showed that non-trading traders, a category that includes hedge funds, have moved to a long net position in CBOT wheat and a long net position in soy. (Report by Naveen Thukral, edited by Sherry Jacob-Phillips)
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