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Market News

GRAINS-Corn hits near 8-year high as global supply tightens

CANBERRA, April 22 (Reuters) - U.S. corn futures rose to hit a fresh near 8-year high on Thursday as concerns about global supplies were stoked by adverse weather in several major growing regions.

FUNDAMENTALS

* The most-active corn futures on the Chicago Board of Trade rose 0.5% to $6.28-1/2 a bushel by 0107 GMT, having risen as much as $6.29 - the highest since June 2013. Corn closed up 3.1% in the previous session.

* Soybean futures were up 0.7% to $14.90 a bushel, having risen as much as $14.90-3/4 - the highest since June 2014. Soybeans closed up 1.5% on Wednesday.

* Wheat futures were up 0.2% at $6.62-1/4 a bushel, having closed up 2.1% on Wednesday.

* Corn draws support from concerns about crops in the United States and Brazil.

* Cold weather could slow the germination of newly seeded corn. The U.S. Department of Agriculture said the U.S. corn crop was 8% planted as of Sunday.

* China’s agriculture ministry published guidelines on Wednesday for the reduction of corn and soymeal in pig and poultry feed amid tight global supplies.

MARKET NEWS

* A U.S. dollar rebound against major currencies was interrupted on Wednesday after Canada’s central bank signalled it could start an interest rate hike in 2022 and reduced the scope of its asset-buying program.

* Oil prices on Wednesday fell for a second day to their lowest in a week on a surprise build in U.S. crude inventories and over concerns that surging COVID-19 cases in India will drive down fuel demand in the world’s third-biggest oil importer.

* World stocks rose on Wednesday as Wall Street and Europe bounced back from large drops, while oil prices continued to be weighed down by rising COVID-19 cases in Asia. (Reporting by Colin Packham; Editing by Shailesh Kuber)

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