Corn firms, soybeans up

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    SINGAPORE- Chicago corn rebounded from a one-week low hit in the previous session, underpinned by the slow pace of US harvest, although a lack of demand capped further gains.

    Soybeans rose for a fourth consecutive session as Washington and Beijing inched closer to a trade deal, while wheat rose after closing lower on Monday.

    The most-active corn contract on the Chicago Board Of Trade was up 0.1 percent at $3.83-3/4 a bushel, after losing 1.5 percent in the last session.

    Soybeans gained 0.1 percent at $9.38-3/4 a bushel, and wheat added 0.3 percent to $5.11-1/2 a bushel.

    The US Department of Agriculture (USDA) said 52 percent of the corn crop has been harvested, behind market forecasts, while farmers have gathered 75 percent of soybeans, matching analysts’ estimates.

    The USDA also said 89 percent of the winter wheat crop has been planted, slightly behind market expectations.

    However, forecasts of only light and scattered rains across the US Midwest grain belt this week could allow farmers to make rapid progress in harvesting their crops.

    Demand concerns further weighed on corn after another week of disappointing export inspections.

    Season-to-date corn inspections through last Thursday are down 62 percent from a year ago, and new sales have slumped, according to the USDA data.

    “US corn is not competitive, especially in the Asian market,” said one Singapore-based feed grains trader. “The market will take further direction from USDA’s supply-demand reports due later this week as there could be some quality issues with the late planted crop.”

    The USDA is due to publish it monthly world supply-and-demand outlook on Friday. – Reuters

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