US corn falls on profit taking; wheat, soy is higher

Sep 14 (Reuters) – Chicago corn futures plunged in Asian trading on Wednesday as traders opted to pocket profits from recent gains boosted by expectations of tighter U.S. supply, while stocks Risks of a global economic slowdown also weighed on sentiment.

Wheat rose slightly in range-related trade amid concerns over Black Sea supplies following criticism from Russia over a diplomatic deal allowing grain shipments from Ukraine. The soy was also slightly firmer.

FUNDAMENTALS

* The most-traded corn contract on the Chicago Board of Trade (CBOT) fell 0.3% to $6.91 a bushel, at 02:45 GMT, extending losses after hitting its highest level since June 27 Monday.

* Wheat climbed 0.4% to $8.63-1/2 a bushel, while soybeans added 0.4% to $14.85-1/4 a bushel.

* Argentinian soybean farmers have sold around 57% of the 2021/22 crop, the agriculture ministry said Tuesday citing data from last week, reflecting a boost after the government offered them a rate of preferential exchange.

* Some U.S. railroads will begin halting crop shipments on Thursday, a day before a possible work stoppage, an agricultural association and sources from two grain cooperatives said Tuesday, threatening livestock feed exports and deliveries .

* The United Nations is trying to negotiate a resumption of Russian ammonia exports via Ukraine, a Western diplomat said on Tuesday, a move that could stabilize a landmark agreement allowing Ukrainian shipments of food and fertilizer from ports in the black Sea.

* France, the European Union’s biggest grain producer, on Tuesday slashed its forecast for this year’s drought-hit maize crop by 1 million tonnes to the lowest level since 1990.

MARKET NEWS

* Asian stocks fell, the dollar held firm and the US yield curve inverted deeply, as a searing US inflation report dashed hopes of an inflation spike and fueled bets that interest rates may need to be raised higher and for longer.

DATA/EVENTS (GMT)

0600 United Kingdom IPC YY August

1230 US PPI Machinery Manufacturing August

(Reporting by Enrico Dela Cruz in Manila; Editing by Subhranshu Sahu)

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