HANOI, April 26 (Reuters) – U.S. corn futures climbed to their highest since June 2013 on Monday on worries over global supplies, while wheat and soybean futures hit levels unseen since 2014.
FUNDAMENTALS
* The most-active corn futures on the Chicago Board of Trade rose 2.3% to $6.46-3/4 a bushel by 0030 GMT, having earlier hit a June 2013 high of 6.48-1/2 a bushel.
* Dryness in Brazil and a cold spell in the United States raised supply concerns in the world’s two biggest corn exporters, while stocks from the 2020 harvest have been dwindling and demand from China has been growing.
* Meanwhile, officials in Argentina, the world’s No. 3 corn supplier and top exporter of soymeal livestock feed, are considering an increase in grains export taxes.
* Soybean futures were up 1.4% at $15.36-1/2 a bushel, the highest since May 2014, while wheat futures hit $7.24-1/2 a bushel, also the highest since May 2014.
* The condition of French wheat and barley crops deteriorated marginally for a second week but was still good, data from farm office FranceAgriMer showed on Friday, suggesting a moderate impact so far from recent cold, dry spells.
MARKET NEWS
* Asian stocks rose for a third straight session as risk appetite was aided by recent data showing the world economic recovery from the coronavirus pandemic was well on track while the U.S. dollar loitered near two-month lows.
Reporting by Mai Nguyen; Editing by Subhranshu Sahu
