Corn Jumps 1, on Course for Biggest Weekly Loss in 2 Years


CANBERRA, May 14 Reuters U.S. corn futures rose 1 on Friday to rebound from a twoweek low touched earlier in the session, though the grain was on course to post its biggest oneweek low in nearly two years as concerns over global supplies tempered.

Wheat rose more than 1.5 on Friday, drawing support from corn, while soybeans also firmed.

The most active corn futures contract on the Chicago Board Of Trade was up 1.2 at 6.8214 a bushel by 0301 GMT, after hitting its lowest since April 30 of 6.66 a bushel earlier in the session.

Despite rallying, corn is down nearly 7 for the week, the biggest oneweek loss since August 2019.

Analysts said corn was under pressure from profit taking after prices hit a March 2013 high late last week, but bullish fundamentals remain.

Players in for a good time, not a long time are clearing out, said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia.

After that dust settles the market will get back to focussing how much or how little secondcrop corn will be harvested in Brazil.

Adverse weather in Brazil has stoked concerns about global supplies, but these eased slightly this week.

The USDA earlier this week projected corn stocks at the end of the 202122 marketing year at 1.5 billion bushels, above most analysts expectations and up from 1.257 billion bushels expected to remain at the end of 202021.

The most active soybeans futures contract were up 0.9 at 15.98 a bushel after closing down 3.6 in the previous…


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