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Corn edges lower, supply shortage outlook limits losses

07/13/2021 | 10:13pm EDT

CANBERRA, July 14 (Reuters) - U.S. corn futures fell for the first time in three sessions on Wednesday, but losses were limited by concerns about global supply shortages.


* The most-active corn futures on the Chicago Board of Trade were down 0.1% at $5.40-1/4 a bushel by 0150 GMT, having gained 1.5% in the previous session.

* Soybean futures dipped 0.1% to $13.50-1/4 a bushel, having closed little changed on Tuesday after prices earlier hit a one week high.

* Wheat futures gained 0.2% at $6.35-3/4 a bushel, having closed down 1.1% on Tuesday.

* Corn is drawing support from optimism about export demand for U.S. supplies, given declines in the size of Brazil's corn harvest.

* The U.S. Department of Agriculture on Monday lowered its estimate of Brazil's 2020/21 corn production to 93 million tonnes, from 98.5 million a month earlier.

* Brokers were also considering whether the USDA might eventually lower its forecast of the U.S. 2021 corn yield from its current projection of 179.5 bushels per acre, signalling tighter supplies of new-crop corn.

* The USDA cut its estimate of U.S. wheat production due to drought in the northern Plains spring wheat belt.


* The U.S. dollar touched a three-month high versus the euro and a one-week high versus the yen on Wednesday, after heated U.S. inflation spurred bets of faster monetary policy tightening than Federal Reserve officials have so far signalled.

* The S&P 500 and Nasdaq ended lower on Tuesday after hitting record highs earlier in the session, with investors digesting a jump in consumer prices in June and earnings from JPMorgan and Goldman Sachs that kicked off the quarterly reporting season.

(Reporting by Colin Packham; editing by Uttaresh.V)

ę Reuters 2021
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