SINGAPORE- Chicago corn and soybeans gained more ground on Wednesday with investors covering short positions ahead of a key US government crop outlook, although forecasts of cool and wet weather curbed gains.
Wheat slid as dismal demand for US supplies kept a lid on prices.
“Weather in much of the US Midwest is favorable for crop development as there are forecasts of more rains and milder temperatures,” a Singapore-based trader said.
The most-active corn contract on the Chicago Board of Trade (CBOT) added 0.4 percent to $5.00-3/4 a bushel, and soybeans gained 0.7 percent to $13.15-1/4 a bushel.
Wheat fell 0.4 percent to $6.53-1/2 a bushel.
Forecasts of cool temperatures and rainy conditions across much of the US Midwest during the next week will boost prospects for both crops. – Reuters
