(AgWeek) – U.S. corn rose on Monday to hit a near three-week high, drawing support from the U.S. Department of Agriculture’s export report, which pegged weekly sales at more than 1 million tonnes above market expectations.
FUNDAMENTALS
Chicago Board Of Trade front-month corn rose 0.7 percent to $3.68 a bushel, near the session high of $3.68-1/4 a bushel – the highest since Feb 5. Corn closed unchanged in the previous session. Front-month soybeans rose 0.43 percent to $8.82 a bushel, having closed down 0.17 percent on Friday. * Front-month wheat rose 0.22 percent to $4.62-1/4 a bushel, having closed down 0.1 percent on Friday. USDA pegged corn sales at more than 1 million tonnes above analyst expectations and wheat and soy sales in line with estimates.
USDA economists will predict U.S. spring sowings next week, ahead of forecasts based on thousands of farmer surveys due in March.MARKET NEWS
Sterling fell in Asia early on Monday as concern grew that Britain would quit the European Union, after London Mayor Boris Johnson threw his weight behind the exit campaign. The dollar, euro and yen were little changed. Oil prices on Monday made up ground from steep falls in the previous session but analysts said oversupply meant the market remained weak. Wall Street ended little changed on Friday, as Applied Materials helped lift the tech sector and offset a renewed drop in oil prices, with major indexes capping their best week of the year.
DATA AHEAD (GMT)
0830 Germany Markit manufacturing flash PMI Feb
0900 Euro zone Markit manufacturing flash PMI Feb 1330 U.S. National activity index Jan 1445 U.S. Markit manufacturing flash PMI FebGrains prices at 0133 GMT
Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 462.75 1.00 +0.22% +0.11% 470.75 45 CBOT corn 368.00 2.50 +0.68% +0.68% 364.83 63 CBOT soy 882.00 3.75 +0.43% +0.26% 875.57 59 CBOT rice $10.92 -$0.10 -0.91% +0.55% $11.09 46 WTI crude $29.88 $0.24 +0.81% -2.89% $30.36 50
Currencies
Euro/dlr $1.111 -$0.003 -0.24% +0.02% USD/AUD 0.716 0.002 +0.21% +0.10%
Most active contracts
Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential
