GRAINS-Corn consolidates after strong export demand
Band Christopher Walljasper
CHICAGO, May 28 (Reuters) – Chicago corn lightened Friday, after a strong rebound a day earlier, as the market weighed strong Chinese demand against US growth conditions.
Wheat and soy also slightly lower, although the spring wMinneapolis Grain Exchange (MGEX) heat futures soared as a cold front hitting much of the US Midwest brought freezing to the northern Great Plains.
Market participants were also adjusting their positions as a US holiday weekend approached with markets closed on Monday.
the the most active corn contract at the Chicago Board of Trade (CBOT) Cv1 reipped 3-1/4cents to $ 6.61-1/ 4 puh bushel by 11:22 (5:22 p.m. GMT).
CBOT wheat Wv1 fell 7-1 / 2 cents to $ 6.68-3 / 4 a bushel while soybeans Sv1 decreased by 5 cents to $ 15.32 per bushel.
Corn futures have fluctuated wildly this week amid rumors of Chinese cancellations of purchases of old crops, although the US Department of Agriculture on Thursday confirmed more than 5.6 million tonnes of sales new crop corn to China last week without posting large-scale cancellations. EXP / CORN
As corn and soybean stocks remain tight, traders remain focused on weather and yield as summer approaches, according to Joe Vaclavik, president of Standard Grain.
“We just don’t have a lot of room for error on the balance sheets,” he said. “The weather and the area are still a huge unknown.”
Growing conditions remain favorable for much of the US Midwest, although a cold front has swept parts of the northern US Plains and Corn Belt, threatening spring wheat crops as well as recently planted corn.
“This has the most impact on wheat, but some of the corn and beans could be damaged a bit,” said Chuck Shelby, president of Risk Management Commodities.
Most active July spring wheat contract on the Minneapolis Grain Exchange (MGEX) MWEN1 was the last 7-1 / 2 cents at $ 7.24-3 / 4 a bushel.
(Reporting by Christopher Walljasper in Chicago; additional reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; Editing by David Gregorio)
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