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Morning markets: corn stays out of favour

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Corn started Friday where it left off the last session – out of favour – as benign US weather weighed on the market, as well as worries about demand.

Many markets had a soft start, including oil, a key signal for prices of crops which are used as biofuels – and which include corn.

Still, the main depressant on corn prices was weather, which appears to offer a handy mixture of warmth and rain in key US growing area.

Meanwhile, a drop in livestock prices, coupled with a modest decline in US weekly export sales, has raised concerns over demand for the crop.

The combination of rising production hopes and potentially sagging demand left September corn down 3.75 cents at $3.28 ¾ a bushel at 07:20 GMT. New crop contracts showed marginally higher losses.

The near-term contract has now lost nigh on 10% in four trading days.

Wheat recovers

Soybeans were also soft, down 2.75 cent at $11.67 ¾ a bushel for August delivery, with weather concerns again a factor.

November beans slipped even further, down 6.25 cents at $10.23 ¾.

But wheat did better, pulling out of its nosedive of the last session, when prices slumped 5% amid weakening demand hopes, after Egypt snubbed US wheat in favour of French and Russian grain.

On Friday Chicago's September contract added 1.75 cents to $5.02 a bushel, with traders pointing to technical support around the $5-a-bushel level.

Vital statistics

In Kuala Lumpur, palm oil pitched in line with soybeans, the source of its vegetable oil rival soyoil, slipping 2 ringgit to 2,323 ringgit a tonne in the morning session.

Besides the negative influence from Chicago prices, there were some nerves in the market ahead of official Malaysian production and export data due on Monday.

However, the prospect of the Asian holiday season, kicking off with Ramadan later this month, which typically raises demand for palm oil continued to provide some support to prices.

By Agrimoney.com

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