HANOI, Jan 28 (Reuters) - Corn and soybean prices rose for a fourth straight session on Thursday, buoyed by expectations of continued solid Chinese demand and tight supplies, while wheat fell for a second session as the dollar firmed and the equities markets shed.
FUNDAMENTALS
The Chicago Board of Trade (CBOT) most-active corn contract advanced 0.2% to $5.35-1/2 a bushel at 0150 GMT and soybean prices rose 0.4% to $13.79-1/2 a bushel.
Wheat fell 0.6% to $6.54-1/2 a bushel as a firmer dollar made the grain less appealing to holders of other currencies.
MARKET NEWS
* Asian shares slid while the safe-haven dollar rallied, as a sudden sell-off on Wall Street and delays with coronavirus vaccines shook investor optimism about an early global economic recovery.
* Expected record Chinese imports of corn and soybeans in the coming seasons will continue to absorb U.S. supplies and keep prices on an upward trend, Chicago-based consultancy AgResource Co said.
* China has bought “roughly 200 million gallons” of U.S. ethanol for the first half of 2021, matching its previous record for annual imports of the corn-based biofuel, Archer Daniels Midland Co Chief Financial Officer Ray Young said.
* 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.
* Argentina is looking for ways to ensure ample domestic wheat supplies without resorting to shutting down exports, a top official said on Wednesday, as farmers fretted about possible state intervention in the markets.
DATA/EVENTS (GMT)
1000 EU Consumer Confidence Final Jan
1100 Brazil IGP-M Inflation Index Jan
1300 Germany CPI, HICP Prelim YY Jan
1330 US GDP Advance Q4
1330 US Initial Jobless Claim weekly
1500 US New Home Sales - units Dec
2350 Japan Bank of Japan to release summary of opinions
from board members at its Jan. 20-21 policy
meeting (Reporting by Mai Nguyen; Editing by Rashmi Aich)
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