SINGAPORE- Chicago corn futures rose up to 2 percent on Thursday to their highest in more than eight years, as concerns over dry weather in Brazil and strong demand from animal feed producers buoyed the market.
Wheat extended gains and soybeans edged higher.
“The sentiment is pretty bullish, not just in corn but the entire grains complex,” said PhinZiebell, agribusiness economist at National Australia Bank.
“There are a lot of weather events globally, which are supporting prices, although the market has yet to see any real supply shock.”
The most-active corn contract on the Chicago Board of Trade (CBOT) added 1.6 percent to $7.19-3/4 a bushel. The market touched $7.23 a bushel earlier in the session, its highest level since March 2013. – Reuters
