See how Chicago Corn hits 8-day high on strong export demand

Chicago corn futures edged higher on Tuesday to notch an eight-day peak after a U.S. government report showed that export demand for the grain remained high.

FUNDAMENTALS

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* The most active corn futures on the Chicago Board Of Trade were up 0.1% to $5.50-1/4 a bushel by 0228 GMT, near the session high of $5.52-1/2 a bushel – the highest since March 8. Corn gained 1.9% in the previous session.

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* The most active soybean futures dipped 0.1% to $14.18-1/4 a bushel, having closed 0.4% firmer on Monday.

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* The most active wheat futures were down 0.2% at $6.43-1/2 a bushel, having closed 1% higher on Monday.

* A weekly U.S. Agriculture Department report showed corn export inspections of 2.204 million tonnes, up from 1.673 million tonnes in the prior week.

* That topped analysts’ expectations, which ranged from 1.2 million to 1.9 million tonnes.

* The U.S. soybean crush was well below trade expectations in February, sinking to the lowest in 17 months, according to data released by the National Oilseed Processors Association (NOPA) on Monday.

READ ALSO: How SouthWest Governors Can Entice Youth Into Farming

MARKET NEWS

* The U.S. dollar clung to small gains from the start of the week on Tuesday as caution reigned in currency markets ahead of major central bank meetings, headlined by a two-day Federal Reserve gathering beginning later in the global day.

* Oil prices fell on Tuesday, extending declines for a third day, as concerns about rising stockpiles in the United States added to the threat to demand posed by countries including Germany and France halting COVID-19 vaccinations.

* Asian stocks were set to open higher on Tuesday after Wall Street’s main indexes closed at record highs and investors awaited comments from the U.S. central bank’s meeting later this week.