SINGAPORE- Chicago corn futures rose on Wednesday for a third consecutive session and hit their highest in 14 months, as strong demand and Brazilian dry weather underpinned the market.
Wheat gained more ground as concerns about adverse global weather pushed prices towards a near six-year high.
“China has been buying corn which is bullish for prices,” said one Singapore-based trader. “In addition, there are issues with dryness in Brazil.”
The most-active corn contract on the Chicago Board of Trade (CBOT) added 0.6 percent to $4.11-1/4 a bushel, after earlier in the session hitting its highest since Aug. 12, 2019 at $4.11-1/2 a bushel. Corn had gained 0.9 percent in the previous session.