SINGAPORE – Chicago corn futures ticked higher for the first time in five sessions on Wednesday, helped by bargain buying, although gains were limited as dry weather is expected to boost the US harvest.
Soybeans were little changed, while wheat rose for a second straight session.
The most-active corn contract on the Chicago Board Of Trade was up 0.4 percent at $3.83-1/4 a bushel, having dropped to an Oct. 11 low of $3.80-1/2 a bushel in the previous session.
Soybeans were little changed at $9.34 a bushel, after ending 0.4 percent lower on Tuesday, while wheat Wv1 was up 0.2 percent at $5.16-1/4 a bushel, having gained 1.1 percent in the previous session.
Dry weather is expected to boost harvest this week across the US Midwest grain belt. Some precipitation is expected over the next week, but the weather is not likely to significantly delay harvesting, according to weather forecaster Maxar.
The US Department of Agriculture (USDA) said 52 percent of the US corn crop was harvested by Sunday, slightly behind market forecasts of 54 percent. Soybeans were 75 percent harvested, on par with expectations. – Reuters