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Corn hits 10-day high on adverse U.S. weather

SYDNEY - U.S. corn extended gains to hit a 10-day high on Monday, as unfavourable weather conditions across key growing regions in the United States raises concerns about reduced yields.

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Corn field. REUTERS/Adrees Latif/File Photo

SYDNEY - U.S. corn extended gains to hit a 10-day high on Monday, as unfavourable weather conditions across key growing regions in the United States raises concerns about reduced yields. FUNDAMENTALSThe most active corn futures on the Chicago Board Of Trade rose 0.6 percent to $3.64-3/4 a bushel by 0132 GMT, having hit a session high of $3.68 a bushel - the highest since July 1. Corn rose 4 percent in the previous session. The most active soybean futures rose 0.5 percent to $10.62-3/4 a bushel, having touched a session high of $10.77-1/4 a bushel - a four day-high. Soybeans rose 3.2 percent on Friday. The most active wheat futures fell 0.1 percent to$4.34-1/2 a bushel, having closed up 2.2 percent on Friday. Corn and soybeans drew support on forecasts for hot and dry weather, stoking concerns about stress on both crops as they head toward key developmental phases. The U.S. Department of Agriculture said early on Friday that weekly old-crop export sales of soybeans totaled a bigger-than-expected 637,300 metric tons. New-crop export sales of 585,700 metric tons were in line with market forecasts.

Related Topics: CROPSCORN
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