* Corn up more than 18% in 5 weeks on LatAm supply woes
* Chicago soybean futures rise, trade near 6-1/3 year high
(Recasts, adds quote in paragraph 3, details on fund
positioning)
By Naveen Thukral
SINGAPORE, Jan 8 (Reuters) – Chicago corn rose on Friday
with the market set for a fifth week of gains, as concerns over
supplies from key South American suppliers underpinned prices.
Soybeans rose to trade near their highest since June 2014
reached earlier this week, while wheat is on track for a third
week of gains.
“Most commodities have started 2021 on bullish note. For
soybeans and corn we supply issues on one side and funds driven
buying on the other side,” said one Singapore-based grains
trader at an international trading company.
The most-active corn contract on the Chicago Board of Trade
(CBOT) was up 0.7% at $4.97-1/2 a bushel by 0346 GMT. Corn
has added more than 18% to its value in five weeks of rally.
The market hit a May 2014 high of $5.02-3/4 a bushel earlier
in the week.
Soybeans rose almost 4% this week, the fourth straight
weekly gain and wheat is up around half a percent this
week.
Corn and soybeans were supported by dry weather in South
America.
The U.S. Department of Agriculture reported export sales of
U.S. old-crop soybeans in the week ended Dec. 31 at just 37,000
tonnes, the lowest weekly total so far in the 2020/21 marketing
year that began Sept. 1. Traders had expected sales of 400,000
to 800,000 tonnes.
Argentina’s government said on Thursday it would review a
decision to temporarily suspend corn exports after a meeting
between the farming minister and the leaders of the country’s
main agricultural associations.
The union representing Argentine port-side grain inspectors
said on Thursday it had ended a month-long wage strike after
reaching a contract deal with export companies that will allow
international soy, corn and wheat shipments to return to normal.
Commodity funds were net sellers of CBOT soybean, corn,
wheat, soymeal and soyoil futures contracts on Thursday, traders
said.
(Reporting by Naveen Thukral; Editing by Shailesh Kuber)
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