CANBERRA- Chicago corn futures climbed on Wednesday and were near their highest levels since June 25 after the US Department of Agriculture said US end-of-season corn stocks would drop to a two-year low, well below analysts’ expectations.
Soybean futures were flat, with expectations for a large South American supply offsetting a higher USDA estimate for US soyoil exports.
Wheat rose on cuts to the USDA’s estimates for European Union and Russian production.
The most-active corn contract on the Chicago Board of Trade (CBOT) was up 0.1 percent to $4.49-1/2 a bushel after reaching $4.50 on Tuesday when the USDA report was released.
CBOT soybeans were flat at $9.95 a bushel and wheat climbed 0.5 percent to $5.64-1/2 a bushel. Plentiful supply pushed all three contracts to four-year lows earlier this year and prices have struggled to regain ground.
