GRAINS-Corn rises for fifth session on global supply worries, wheat eases

By Reuters8 days ago

By Naveen Thukral

SINGAPORE, May 5 (Reuters) - Chicago corn futures extended gains on Wednesday to trade near a more than eight-year high hit in the previous session, as concerns over global supplies and strong demand underpinned prices.

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Wheat slid while soybeans edged higher.

The same story of tightening supply is driving the market, said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia. Forecasters are already making hefty cuts to their estimates of Brazil's season 2020 production.

Weather forecasts showed little sign of rain relief for Brazil's dry southern corn-growing areas, keeping the focus on global supply woes despite U.S. planting progress.

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