CANBERRA- US corn futures rose more than 1 percent on Wednesday to hit their highest in more than six years, as concerns about global supplies were fuelled by production issues in South America, a major exporting region.
Wheat retreated from its highest since December 2014, while soybeans jumped 1 percent as investors were concerned about low supplies due to dry weather conditions in South America at a time of brisk Chinese demand.
The most active corn futures on the Chicago Board Of Trade were up 1.5 percent at $4.99 a bushel, near the session high of $4.99-1/4 a bushel – the highest since May 2014. Corn closed 1.7 percent firmer in the previous session.
“The market is solely focused on South America and expectations of lower supply,” a Melbourne-based grains trader told Reuters. He declined to be named as he is not authorized to speak with the media.
