GRAINS-CORN UP 1.1% ON GLOBAL SUPPLY CONCERNS, FUND BUYING
By Naveen Thukral
SINGAPORE, April 19 (Reuters) – Chicago corn futures bounced back on Monday, rising more than 1%, as adverse weather in key growing areas in the United States and fund buying underpinned the market.
Soybeans and wheat edged higher.
The most-active corn futures on the Chicago Board of Trade (CBOT) added 1.1% to $5.92 a bushel, by 0314 GMT, having closed down 0.8% in the previous session.
Soybean futures were up 0.2% at $14.25-3/4 a bushel and wheat rose 0.1% to $6.55-1/2 a bushel.
Corn was supported amid concerns about adverse weather in parts of the United States and South America, denting expectations of bumper global supplies.
Large speculators raised their net long position in CBOT corn futures in the week to April 13, regulatory data released on Friday showed.
The Commodity Futures Trading Commission’s weekly commitments of traders report also showed that non-commercial traders, a category that includes hedge funds, increased their net short position in CBOT wheat and cut their net long position in soybeans.
In Europe, the condition of wheat and barley crops in France only fell slightly during the week when the country was hit by a severe cold snap but recently sown spring barley was more severely hit, FranceAgriMer data showed on Friday.
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