CANBERRA- Chicago corn futures rose on Wednesday and were within a whisker of the previous day’s 16-month high, with strong US export demand, falling inventories and fund buying supporting prices.
Wheat futures also gained and were near their highest level since October 2024 amid concerns that cold weather in Russia and the US could damage crops and curtail supply.
Soybeans edged lower as traders braced for a deluge of supply from Brazil’s ongoing harvest.
The most active corn contract on the Chicago Board of Trade (CBOT) was up 0.1 percent at $5.02-1/2 a bushel, near Tuesday’s high of $5.04.
CBOT wheat rose 0.2 percent to $6.19 a bushel and soybeans eased 0.1 percent to $10.37-3/4 a bushel.
The US Department of Agriculture (USDA) on Tuesday said 1.6 million metric tons of US corn were inspected for export last week, more than expected and continuing a strong run of US sales that is forecast to draw down US inventories.
