Corn rises on weather, USDA report
U.S. corn futures settled higher Thursday on forecasts for inclement weather in the Farm Belt and a government report that reflected tight current supplies.
Chicago Board of Trade July corn futures, thinly traded ahead of their last trading day on Friday, settled up 7 cents, or 1.0%, at $7.16 3/4 a bushel, a two-month closing high on a continuation chart.
Traders have been worried this week by forecasts for hotter temperatures and drier weather, even though conditions for crops have generally been favorable so far this season. Traders are concerned the unfavorable weather--if it pans out--could damage corn crops entering their delicate and crucial pollination phase, reducing the size of this year's harvest. Those fears led traders to buy corn futures on Thursday.
- See how Thursday's trade unfolded in Marketing Talk
- More analysis: Weather focus sharpens post-WASDE report
Corn also rose as the U.S. Department of Agriculture on Thursday forecast domestic corn stockpiles at the end of this summer will be tighter than it had originally predicted.
Soybeans also rose on worries about unfavorable weather for crops.
Wheat futures rose on USDA forecasts for greater export demand and tight domestic stockpiles at the end of the current crop year.
July soybeans rose 9 1/2 cents, or 0.6%, to $16.01 1/4 a bushel. CBOT July wheat rose 7 1/4 cents, or 1.1%, to $6.79 1/4 a bushel, a nearly three-week closing high.
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(END) Dow Jones Newswires
July 11, 2013 14:35 ET (18:35 GMT)
DJ U.S. Corn Settles Up On Weather Worries, USDA Supply Forecast->copyright
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