SINGAPORE – Chicago corn futures gained more ground on Tuesday, rising to their highest since June 2013 on expectations that a widely watched US report is expected to show tightening global supplies.
Soybeans climbed to a three-week top, while wheat jumped to its highest level in more than one week.
“We are seeing pretty bullish momentum in agricultural commodities, especially corn,” said Ole Houe, director of advisory services at agriculture brokerage IKON Commodities.
“We think the USDA (US Department of Agriculture) would have to cut China’s corn stocks and raise imports, so it is likely to be a bullish report overnight.”
The most-active corn contract on the Chicago Board Of Trade (CBOT) added 0.5 percent to $5.66-3/4 a bushel, near the session high of $5.68 a bushel – the highest since June 2013.