Futuresriseasdemandoutlookfiressupport.
CornfuturescontractspostedfreshgainsonTuesdayevenaswheatandsoybeanssawvaluesplunge.
TheJulyfuturerosenearly$0.02/butotakethecontractbacktowithinawhiskerof$4/bu,at$3./bu,whilethesecondmonthSeptembercontractmanagedthefull$0.02/buto$4./bu,aswheatfell$0.03/bu,andsoybeancloseto$0.10/bu.
FollowingtheleadofNOFIlastweek,SouthKorea’sKOCOPIAwalkedawayfromitscornbuytenderasoffersweredisappointing–althoughareinvigoratedSouthAfricacameinasthemostaggressiveofthefailedoffers.
“Theshorttermoutlookoncorndemandiskindofimpressive…itmaybebringingsomevolatilitybackintothemarket,”onemarketsourcesaidofthemove,althoughbuyingremainselusiveinsomequarters.
SouthAfricahasbeennibblingatbuyinginterestacrossAsiainrecentweeks,butcurrencyfluctuationshavenotalwayssupportedendeavours,leavingthismorning’sfalloftherandversustheUSdollartobringthecountrybackintoplay,particularlyforVietnam.
KOCOPIAhadbeenlookingforlevelsaround$/mt,withthebestofferssome$4/mthigher,accordingtomarketsources.
FortheBlackSea,pressurecontinuestomountwithfurtherindicationsforMayandJuneloadingheardofferedbelowthe$/mtlevel–bothforhandysizedcargoesandhandysizedvesselsinpanamaxports.
Verylittlebuyinginterestcouldbediscerned,althoughinlateractivityabidwasheardforapanamaxporthandysizeJulyloaderat$/mt,providingsomesupportforFOBUkrainecornvalues.
ThosewholookedtothenewUkrainecropfordirectionfoundonlymoreofthesame–basisvaluesheardsofteningthroughthedaywithNovemberandDecemberloadingsstartingthedayofferedataround85centsoverDecember,versusbidsat80cents.
Throughtheday,thoseindicationswereheardmovingdowntoreach80centsontheofferwithbuyersat73to75centsoverDecember.
FortheAmericas,riverwarningscontinuedtooccupytraders’thoughts,withtheUpperMississippiseeingfloodwarningsrecedingjustasfreshrainissettolashtheMidwest–raisingthepotentialforfurtherdisruptiontohitbargefreightrates.
Intheinterim,withFOBvaluesheardunderthe80centslevelforJune,CIFvalueshaveheldstable.
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