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.


* 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.


* 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.


0600 United Kingdom IPC YY August

1230 US PPI Machinery Manufacturing August

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

© Copyright Thomson Reuters 2022. Click for restrictions.