CHICAGO- Chicago corn, soybean and wheat futures gained as hot, dry conditions in parts of the US Midwest threatened yield potential at a time of tight global supply.
The most-active corn contract on the Chicago Board of Trade (CBOT) ended 20-3/4 cents higher at $6.82-3/4 per bushel, gaining 4 percent for the week. New-crop December corn added 25 cents to end at $5.91-1/2.
CBOT soybeans gained 34-1/2 cents to $15.83-3/4 per bushel, increasing 3.48 percent for the week. New-crop November soybeans added 32 cents to $14.35-1/2.
CBOT wheat gained 11-1/2 cents to $6.87-3/4 per bushel, a 3.65 percent gain for the week.
Tightening global availability, linked to strong Chinese imports and deteriorating prospects for Brazil’s upcoming corn harvest, have made grain markets sensitive to fluctuating US weather forecasts.
“You’re going to need a record-type yield for both beans and corn. The current forecast is clearly not helpful,” said Terry Roggensack, Agriculture research specialist at Hightower Report. – Reuters
