April 23, 2020 / 2:12 AM / a month ago

GRAINS-Corn extends gains, weak ethanol demand outlook caps gains

SYDNEY, April 23 (Reuters) - U.S. corn futures rose for a third straight session on Thursday, supported by higher oil prices, although gains were capped on expectations of weak demand for ethanol.

FUNDAMENTALS

* The most-active corn futures on the Chicago Board of Trade rose 0.2% to $3.25-1/4 a bushel by 0143 GMT, having closed 2.4% firmer in the previous session.

* Wheat futures shed 0.4% to $5.41-3/4 a bushel, having closed down 0.5% on Wednesday.

* Soybean futures were up 0.7% to $8.48 a bushel, having closed 0.2% higher in the previous session.

* Corn has been under sustained pressure amid expectations of weak demand for ethanol following a historic plunge in oil prices.

* The U.S. Department of Agriculture said on Wednesday private exporters reported sale of 198,000 tonnes of soybeans, or about three bulk cargoes, to China in the 2019/20 marketing year.

MARKET NEWS

* The dollar pushed ahead against the currencies of oil producers as a rebound in crude prices from an unprecedented collapse only partially calmed markets unnerved by the massive coronavirus-led drop in global demand.

* Brent crude oil rebounded from two days of losses and U.S. futures surged on Wednesday, bolstered by tentative talk of additional supply cuts from OPEC producers and U.S. inventory builds that were less dire than some expected.

* Wall Street surged on Wednesday as oil prices recovered and Congress looked on course to approve nearly $500 billion more in aid to help small businesses ride out the coronavirus crisis.

Reporting by Colin Packham; editing by Uttaresh.V

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below