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Grains-corn climbs to 14-month high on strong demand, brazilian dryness

Reuters, 21.10.20

* Corn gains for 3rd session to hit highest since August 2019

* Strong demand for U.S. supplies, dry weather support prices (Recasts with move in corn prices, adds quote in paragraph 3, details on fund positions)

SINGAPORE, Oct 21 (Reuters) - Chicago corn futures rose on Wednesday for a third consecutive session and hit their highest in 14 months, as strong demand and Brazilian dry weather underpinned the market.

Wheat gained more ground as concerns about adverse global weather pushed prices towards a near six-year high.

"China has been buying corn which is bullish for prices," said one Singapore-based trader. "In addition, there are issues with dryness in Brazil."

The most-active corn contract on the Chicago Board of Trade (CBOT) added 0.6% to $4.11-1/4 a bushel, as of 0329 GMT, after earlier in the session hitting its highest since Aug. 12, 2019 at $4.11-1/2 a bushel. Corn had gained 0.9% in the previous session.

Wheat was up 0.6% at $6.35-1/2 a bushel, after gaining 0.8% on Tuesday - when prices hit their highest since December 2014 at $6.38-1/4 a bushel. Soybeans were up 0.7% at $10.71-1/4 a bushel, having firmed 0.9% on Tuesday.

China has stepped up its purchases of U.S. corn and beans, tightening supplies and underpinning prices.

The U.S. Agriculture Department (USDA) on Tuesday morning said that private exporters reported sales of 132,000 tonnes of soybeans to unknown destinations.

It was the sixth day in a row that the USDA has reported a so-called flash sale of either corn or soybeans.

For wheat, long-awaited rains arrived in some parts of Russia's winter wheat-sowing regions over the weekend after a spate of dry weather, but more were still needed, Dmitry Rylko, the head of the IKAR agriculture consultancy, said on Monday.

High demand from importers and the slow pace of winter wheat sowing have pushed Ukrainian milling wheat prices to a 21-month high of $255 per tonne FOB Black Sea, analyst APK-Inform said on Tuesday.

Commodity funds were net buyers of CBOT corn, soybean, wheat and soyoil futures contracts and net even in soymeal on Tuesday, traders said.

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