GRAINS-Corn eases from 6-1/2-year high, S.America supply concerns limit losses

CANBERRA, Jan 7 (Reuters) – U.S. corn futures eased on Thursday on a profit-taking setback after hitting their highest level in more than six years in the previous session, though losses were limited as dry growing conditions in South America stoked concerns about global supply.

FUNDAMENTALS

* The most active corn futures on the Chicago Board Of Trade were down 0.1% to $4.94 a bushel by 0200 GMT, having gained 0.7% in the previous session when prices hit a May 2014 high of $5.02-3/4 a bushel.

* The most active soybean futures were up 0.4% at $13.67 a bushel, having firmed 1.1% on Wednesday when prices hit a June 2014 high of $13.78-3/4 a bushel.

* The most active wheat futures were down 0.3% to $6.45-1/4 a bushel, having closed 1% lower on Wednesday.

* Corn and soybeans were supported by dry weather conditions in South America.

* The union representing Argentine port-side grain inspectors was to meet on Wednesday with agro-export companies to try to clinch a wage deal to end a strike that started on Dec. 9

MARKET NEWS

* The dollar languished near its lowest level in nearly three years on Thursday after Democrats won control of the U.S. Senate, clearing the way for a larger fiscal stimulus under President-elect Joe Biden.

* Oil prices were steady on Thursday after supporters of President Donald Trump stormed the U.S. Capitol, with investors focusing on the likelihood of tighter supplies after Saudi Arabia unilaterally agreed to cut output.

* Asian stocks perked up on Thursday as investors remained confident that violence in Washington would not disrupt a legitimate transition to a new presidency or derail political support for a U.S. economic recovery.

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