SINGAPORE- Chicago corn edged higher on Wednesday with a round of bargain-buying supporting prices after the market dropped to its lowest since December 2020 on expectations of bumper US production.
Wheat inched higher, recouping some of the losses triggered by ample supplies from Northern Hemisphere harvests, while soybeans also climbed.
“The US continues to drive corn prices lower given higher production than previously forecasted, which is expected to lead to a surplus in supply,” said Darren Stetzel, vice president for agriculture in Asia at brokerage StoneX.
“The market also sees the funds as net short corn, adding further downward pressure to already bearish fundamentals.”
The most-active corn contract on the Chicago Board Of Trade (CBOT) was up 0.3 percent at $4.77 a bushel, after hitting its lowest since December 2020 at $4.73-1/2 earlier in the session.
