MEXICO CITY- Chicago corn hit a three-week high on Friday, boosted by another large Chinese flash sale that solidified continued demand, with wheat and soybeans also firming as the week closes.
Corn hit its highest price since February after a flurry of US exports to China. Private exporters reported another sale of 204,000 tons of corn to China, the US Agriculture Department said Friday, bringing the total to more than 2.75 million tons since March 14.
Continued Chinese demand for US corn was fueled by the end of Brazil’s season as it prepares to export soybeans instead, said Jack Scoville, market analyst at The Price Futures Group.
“That means we’re going to do the farm business for a lot of the world, and we’re seeing that manifested in the current price action here over the last couple of weeks,” Scoville said.
The most-active corn contract on the Chicago Board of Trade added 1.82 percent to $6.43-1/4 a bushel. Earlier it hit $6.45, it’s highest since Feb. 28.
Wheat rallied to its highest price since Feb. 28, as a report Russia may consider halting exports revived uncertainty about Black Sea supply.
