CANBERRA, Feb 1 (Reuters) - U.S. corn futures rose more than 1% on Monday as strong Chinese demand pushed prices to a fresh six-year high.
FUNDAMENTALS
* The most active corn futures on the Chicago Board Of Trade were up 1.4% to $5.54-1/2 a bushel by 0224 GMT, near the session high of $5.54-3/4 a bushel, the highest since June 2013. Corn gained 2.3% in the previous session.
* The most active soybean futures were up 0.6% to $13.78 a bushel, having firmed 1.2% on Friday.
* The most active wheat futures were up 0.7% at $6.72-3/4 a bushel, having closed up 2.5% on Friday.
* The U.S. Department of Agriculture confirmed private sales of 2.108 million tonnes of U.S. corn to China.
* It was the second-biggest daily corn sales announcement on record, eclipsed only by a deal for 3.72 million tonnes to the Soviet Union in 1991.
* The latest sale followed deals earlier this week that netted China a combined 3.74 million tonnes of U.S. corn.
* Agriculture consultancy Sovecon raised its forecast for Russia's 2020/21 wheat exports by 1.6 million tonnes, to 37.9 million tonnes, citing current high export levels.
MARKET NEWS
* The safe-haven dollar found support at the start of a new week with traders remaining wary amid the battle on Wall Street between hedge funds and retail investors.
* U.S. oil prices settled slightly lower after trading in a tight range on Friday, as investors worried about the lingering global pandemic and slow vaccine rollouts.
* Asian shares wavered on Monday amid worries that problems with vaccine rollouts combined with new strains of COVID-19 will delay a global economic recovery that has already been baked into the market's rich valuations. (Reporting by Colin Packham; Editing by Shounak Dasgupta)
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The Link LonkFebruary 01, 2021 at 09:35AM
https://www.agriculture.com/markets/newswire/grains-corn-jumps-1-hits-fresh-6-year-high-on-chinese-demand
GRAINS-Corn jumps 1%, hits fresh 6-year high on Chinese demand - Successful Farming
https://news.google.com/search?q=fresh&hl=en-US&gl=US&ceid=US:en
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