SINGAPORE- Chicago corn futures gained more ground on Wednesday with prices trading near their highest in six weeks, as expectations of strong Chinese demand underpinned the market.
Soybeans climbed to a seven-month high, while wheat rose for a second consecutive session.
“The gains in corn prices have two principal causes. The US Department of Agriculture (USDA) reporting a 5 percentage point drop in good/excellent crop ratings is one,” said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia. “The other is some hefty US exports to China.”
The most-active corn contract on the Chicago Board of Trade (CBOT) added 0.1 percent to $3.54-3/4 a bushel.
Soybeans were up 0.2 percent at $9.22-1/4 a bushel, after climbing earlier in the session to the highest since Jan. 21 at $9.23 a bushel and wheat Wv1 rose 0.3 percent to $5.37 a bushel. —Reuters