Corn futures climb again, extend gains
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.
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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.
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(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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