US corn extends rally

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MUMBAI- US corn futures rose for a seventh straight session on Thursday to trade near a two-month high, supported by concerns that hot and dry weather in the Midwest during key crop development periods could reduce yields.

Soybeans edged higher on concerns over supplies from the United States, although an expected rise in Brazil’s output capped the upside. Wheat rose for a fifth straight session on lower supplies from the Black Sea region amid strong demand.

The Chicago Board of Trade (CBOT) most-active corn contract was up 0.65 percent at $6.61-1/2 a bushel not far from Wednesday’s peak of $6.71.

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Wheat edged up 0.31 percent to $8.15-3/4 a bushel and soybeans rose 0.21 percent to $14.60-1/2 a bushel.

Corn yield prospects in Western Iowa are lower than last year, scouts on an annual tour of top US producing states found on Wednesday. Illinois corn yield prospects and soybean pod counts are also lower than last year but above the three-year average.

Indiana corn yield prospects are lower than last year and below the three-year average, while corn yield prospects and soybean pod counts in Nebraska are also lower than last year and below their three-year averages. – Reuters

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