GRAINS-Corn Up 1.4% in Chicago to 7 1/2 Year High; wheat and soy fall

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 GRAINS-Corn Up 1.4% in Chicago to 7 1/2 Year High; wheat and soy fall




File photo of the crop in a soybean field in Roachdale, Indiana


© Reuters/Bryan Woolston
File photo of the crop in a soybean field in Roachdale, Indiana


Por Mark Weinraub

CHICAGO, U.S., Jan 13 (Reuters) – U.S. corn futures rose 1.4% on Wednesday, hitting a seven-and-a-half-year high, with the market focused on the prospects of a tight global supply, after that the Department of Agriculture of the United States cut the estimates of local production, of Brazil and Argentina.

* “The corn figure turned things around yesterday,” said Dan Smith, senior risk manager for Top Third Ag Marketing.

* Chicago winter red wheat and soybean futures were down on profit-taking after hitting six-and-a-half-year highs.

* March corn futures rose 7.25 cents to $ 5.2450 per bushel. The most active contract peaked at $ 5.4150 per bushel, the highest since June 28, 2013.

* “Seemingly endless USDA cuts to G&O supplies (grains and oilseeds) continued this month, and with soy and corn stocks particularly empty, it seems only a matter of time before the cuts shift to demand. Rabobank said in a note.

* USDA lowered its estimate for 2020/21 U.S. corn production, below operator expectations, and lowered its ending inventory outlook.

* March soybeans were down 12 cents to $ 14.0625 a bushel, their biggest daily setback since Dec. 8.

* “We’re … off the highs but people have to realize we’re $ 5.50 off the low,” Top Third’s Smith said. “We are going to see some correction moves.”

* Investors ignored the USDA announcement Wednesday morning that private exporters reported the sale of 464,300 tons of soybeans to unknown destinations, the largest daily sale of soybeans since June.

* March soft red winter wheat was down 4.5 cents to $ 6.605 a bushel.

(Additional reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; Edited in Spanish by Javier López de Lérida)

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