CANBERRA- US corn futures rose more than 1 percent to hit a six-year high on Monday, driven up by strong Chinese demand. Soybeans also gained drawing support from concerns over adverse weather in South America, while wheat also rose.
The most active corn futures on the Chicago Board Of Trade were up 1.4 percent at $5.54-1/2 a bushel, near the session high of $5.55-3/4 a bushel, the highest since June 2013.
Corn gained 2.3 percent in the previous session.
Analysts said corn is continuing to draw strong support from Chinese demand, the latest sign of which came last week when the US Department of Agriculture confirmed private sales of 2.108 million tons of US corn to China.
“That sale means China will likely have lifted 6 million tons of corn from the US last week a bit over 1.5 percent of the 2020 US crop,” said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia.