SIN GAPORE – Chicago corn jumped 4 percent on Wednesday to a 7-1/2-year high and soybeans climbed to their loftiest since June 2014 after a widely watched US report reduced its forecast for global supplies.
Wheat rose for a second straight session to its highest since 2014.
“The January WASDE (World Agricultural Supply and Demand Estimates) report released by the US Department of Agriculture today was outright bullish for row crop markets,” Citi Research said in a note.
“As discussed in our Commodities Flows report at the beginning of this week, we lifted the 6-12 month point-price targets for CBOT corn and soybeans by $1/ bushel and $2/bushel to $6/bushel and $16/bushel, respectively.”
The most-active corn contract on the Chicago Board of Trade (CBOT) was up 3 percent at $5.33-1/2 a bushel, after climbing to its highest since mid-2013 at $5.39 a bushel.
