Staff of Reuters Read for 2 minutes Reuters, CANBERRA, July 12 – Chicago maize futures rose for the first time in six sessions on Monday, ahead of a much anticipated report from the United States Department of Agriculture (USDA), though gains were limited due to projections for much-needed rains in the Midwest. FUNDAMENTALS * Corn futures on the Chicago Board Of Trade were up 0.5 percent at $5.19-3/4 a bushel at 0136 GMT, after closing 1.3 percent down the previous session when prices touched a low of $5.07 a bushel on January 25. * After closing 0.7 percent higher on Friday, the most active soybean futures were up 0.5 percent at $13.35-1/2 a bushel. * After closing 0.5 percent down on Friday, the most active wheat futures were up 0.2 percent at $6.16-1/4 a bushel. * The market is watching the USDA’s monthly supply-and-demand estimates, which are expected to show an increase in corn carryout. Later in the day, the report will be released. * Corn has been under prolonged pressure due to projections of much-needed rain in the Midwest of the United States. According to the USDA, weekly corn export sales totaled 371,400 tonnes, while soybean export sales totaled 182,300 tonnes, and wheat export sales totaled 290,800 tonnes – all in line with market forecasts. MARKET NEWS* Risk currencies stayed above their recent lows versus the dollar and the yen on Monday, as concerns over a global economic downturn appeared to have passed for the time being. Early Asian trade saw little movement in oil prices, as an impasse in talks among key producers to increase output in the coming months kept supplies tight, offsetting fears about the impact of the coronavirus on the global economy. As record highs on Wall Street and policy easing in China helped alleviate some of the recent anxieties over global economy, Asian stocks were enjoying a relief bounce, though there were plenty of potential problems ahead this week. Colin Packham contributed reporting, and Sherry Jacob-Phillips edited the piece./n
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