Corn steadies after slide, Saudi tender supports wheat
DBA•Chicago corn futures rose 0.5% to $5.03-1/4 a bushel after falling 4.1% Wednesday, while CBOT wheat gained 0.6% to $6.79-1/2. Saudi Arabia announced a tender to buy 535,000 metric tons of wheat.
1. Corn rebounds from lows
Corn recovered after falling to a six-week low of $4.98-1/4 a bushel, following Wednesday’s 4.1% decline. The USDA said U.S. farmers and grain handlers held 35% more corn in storage on September 1 than a year earlier, a larger increase than expected.
2. Saudi tender lifts wheat
CBOT wheat rose 0.6% to $6.79-1/2 a bushel, recovering from a seven-week low, after Saudi Arabia announced a tender for 535,000 metric tons. December wheat on Euronext gained 1.4%; traders also cited limited progress in efforts to restore normal Black Sea shipping.
3. Other grain markets
CBOT soybeans slipped 0.1% to $12.91-3/4 a bushel. Analysts said the U.S. soybean crush was likely to have fallen in August to an 11-month low, ahead of a USDA report due Thursday.
