SINGAPORE- Chicago corn futures rose for a second session on Thursday with the market climbing to a one-week high, underpinned by concerns over frost-damage to this year’s late planted crop in the United States.
Wheat was largely unchanged after closing lower in the last session as prices were pressured by abundant world supplies.
The most-active corn contract on the Chicago Board Of Trade (CBOT) was up 0.6 percent at $3.73-1/4 a bushel, having gained 1.3 percent in the previous session.
Wheat was up 0.05 percent at $4.75-1/2 a bushel, having closed down 0.3 percent on Wednesday and soybeans were up 0.2 percent at $8.67-1/2 a bushel, having firmed 0.8 percent on Wednesday.
US weather forecasts have stoked fears of frost damage over the next six weeks.
“There is a bit of support for corn today and we think the market is trying to build some weather risk premium,” said Ole Houe, director of advisory services at brokerage IKON Commodities.
“We think weather does need to add a bit of risk back in again although frost rarely turns out as bad as feared.”
The corn market dropped to its lowest in more than three months on Wednesday as the US crop has been progressing well after floods resulted in record planting delays. – Reuters