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Corn futures climb again, extend gains

03/11/2013 @ 3:55pm

U.S. corn futures rose Monday, climbing for the third-straight session on higher cash prices and limited domestic supplies of the grain.

Chicago Board of Trade May corn ended up 7 3/4 cents, or 1.1%, at $7.11 1/4. Corn prices rose to five-week highs.

Prices are drawing strength from improved domestic demand, which is putting a strain on limited inventories. Stocks of U.S. corn are at historically low levels after the worst U.S. drought in decades withered crops across the Midwest last year.

U.S. corn supplies remain historically tight, with end-of marketing year supplies projected at 17-year lows, said Dave Marshall, a grain marketing advisor for advisory firm TCFG LLC in Nashville, Ill.

Soybean futures ended higher, setting a fresh four-month intraday high. Soybeans were underpinned by concerns of tightening U.S. end-of-year inventories, with the primary objective of the market to ration demand.

CBOT soybeans for May delivery finished up 8 1/2 cents, or 0.6%, at $14.79 1/4.
Wheat futures climbed as well, driven by strength in corn futures. Wheat and corn are linked as both are used for livestock feed.

May wheat futures ended up 3 cents, or 0.4%, at $7.00 a bushel at the Chicago Board of Trade. Kansas City Board of Trade May wheat rose 2 cents, or 0.3%, to $7.36 1/4 a bushel. MGEX May wheat finished up 2 cents, or 0.3%, at $7.94 a bushel.

Write to Andrew Johnson Jr. at andrew.johnsonjr@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
March 11, 2013 15:27 ET (19:27 GMT)
DJ Corn Futures Extend Gains; Climb For Third Straight Day->copyright

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