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On Thursday (January 28, 2021), corn prices slipped from a multi-year high. As traders book profits, sharp declines in global equities and the rise of the dollar have also weighed on sentiment.
The Chicago Board of Trade (CBOT) most-active corn contract dipped 0.5% to $5.31-3/4 a bushel at 0444 GMT, having hit its highest since June 2013 in the previous session, and wheat dropped 1.4% to $6.49-1/4 a bushel.
Asian shares slid while the safe-haven dollar rallied as a sudden sell-off on Wall Street and delays with Coronavirus vaccines served as an excuse to book profits on recent hefty gains.
A firmer dollar makes the more expensive greenback-priced grains less appealing to holders of other currencies.
“A risk-off tone across markets is likely to weigh on commodity prices in the short term,” ANZ said in a note.
Soybean prices, however, edged up 0.1% to $13.76-1/2 a bushel amid tight supplies.
U.S. soy processors, fresh off their busiest year on record, have booked soybean purchases well beyond their normal few weeks of supply due to soaring export demand, rising prices and fears of soy shortages later this season. Find more.
Source: Online/SZK
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