GRAINS-U.S. corn, wheat ease after rally on supply concerns Chicago corn and wheat futures edged down on Wednesday after rising in the previous session on worries over crop production in South America and unrest in Ukraine. * CBOT May corn had fallen 0.67 percent to $4.81 a bushel by 0135 GMT after rising as far as $4.85 on Tuesday, its highest since September. Tuesdays 2.9-percent gain, its biggest since Jan. 10, pushed the contract to settle above its 200-day moving average. * U.S. Gulf basis offers for corn and wheat were firm on Tuesday, with nearby hard red winter wheat values up as the political unrest in Ukraine increased demand for U.S. grains. * CBOT May wheat was 1.09 percent lower at $6.36-1/2 per bushel, having rallied to $6.45-3/4 on Tuesday, its strongest since December. * Russian President Vladimir Putin ordered troops in western Russia to return to base after military exercises and said the use of force by Russia in Ukraine was a choice of last resort. Despite the apparent easing of tensions, the market is still on edge for supply disruptions from the region. * Chinas biggest grains trader COFCO Corp is in talks to buy Noble Group Ltds agribusiness arm in a deal that would value the division at around $1 billion, people familiar with the matter said. * China announced on Wednesday it would maintain its economic growth target for 2014 at about 7.5 percent, as expected, signalling that its policy focus would be slanted in favour of reforms and rebalancing the economy.
Posted on: Wed, 05 Mar 2014 02:35:07 +0000
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