GRAINS — Chicago corn edges lower on US Midwest harvest pressure
BEIJING, Oct 14 (Reuters) — Chicago corn futures fell on Wednesday as traders weighed rising supplies from the advancing US Midwest harvest against improving demand fuelled by prices hovering near two-month lows. Fundamentals The most-traded corn contract on the Chicago Board of Trade fell 0.1% to $4.82-1/4 a bushel by 0210 GMT. Soybeans gained 0.3% to $12.87-1/4 a bushel, while wheat dropped 0.3% to $6.67-1/2 a bushel. Mostly dry weather across the Midwest over the past week has allowed farmers to accelerate harvesting after rain-related delays earlier in the season. Forecasters expect some rainfall in the western Midwest later this week, followed by drier conditions that should enable fieldwork to resume quickly. The recent drop in corn prices sparked fresh demand for the grain, particularly from importers in South Korea. The US Environmental Protection Agency proposed on Tuesday to make larger refiners blend more biofuels into their products over the next two years, a move that would support demand for corn and soyoil to produce ethanol and bio-based diesel. For soybeans, China's arrivals are expected to average around 9.5 million metric tons per month in the fourth quarter, Cai
BEIJING, Oct 14 (Reuters) — Chicago corn futures fell on Wednesday as traders weighed rising supplies from the advancing US Midwest harvest against improving demand fuelled by prices hovering near two-month lows. 82-1/4 a bushel by 0210 GMT. 67-1/2 a bushel. Mostly dry weather across the Midwest over the past week has allowed farmers to accelerate harvesting after rain-related delays earlier in the season.
Forecasters expect some rainfall in the western Midwest later this week, followed by drier conditions that should enable fieldwork to resume quickly. The recent drop in corn prices sparked fresh demand for the grain, particularly from importers in South Korea. The US Environmental Protection Agency proposed on Tuesday to make larger refiners blend more biofuels into their products over the next two years, a move that would support demand for corn and soyoil to produce ethanol and bio-based diesel. 5 million metric tons per month in the fourth quarter, Cai Hongli, deputy general manager of market research at COFCO Oils, said at an industry conference in Dalian on Tuesday.
Traders are watching for new buying demand from top importer China after a recent trade meeting between Presidents Donald Trump and Xi Jinping. China's punitive tariff on US soybeans remains in place, discouraging private Chinese importers from booking US shipments. Traders hope Beijing may remove a 10% import duty on US soybeans, encouraging private Chinese buyers to resume purchases. Market News Oil prices climbed on Wednesday as traders weighed supply risk from fighting between Yemen's Iran-allied Houthis and Saudi Arabia against the prospect of increased diesel from Russia.
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