Corn continued to build on its biggest gain since March with concerns that output may be disrupted due to the buildup of frost in the planting regions of the US, the world’s largest producer.
Futures for the commodity with a delivery date in December climbed to a price per bushel of $3.5675 after gaining 0.2% to its value late morning Singapore time. Corn increased by 2.7% on September 5th last week on the Chicago Board of Trade to record the largest gain among most active contracts since March 4th.
MDA Weather Services warned that northern Minnesota and North Dakota are the places most at risk from the onset of frost that could occur on September 12th or 13th. The weather provider said that the extent of the frost’s range and how severe it will be is still highly uncertain.
Corn has fallen by 23% over the past year with farmers and market participants gearing up for a harvest which may be of record size according to the US Department of Agriculture (USDA). Government data says that the harvest could reach 14.032 billion bushels while analysts surveyed by Bloomberg News predict a larger output at 14.276 billion. The USDA is expected to release an updated supply and demand report on September 11th.
Analysts from Australia & New Zealand Banking Group Ltd including Paul Deane says that, “Cooler forecast weather in the U.S. Midwest has raised some concerns for ripening and drying time for the U.S. corn crop. Those short in the market may be taking profits.”
Wheat with a delivery date in December increased to a price per bushel of $5.385 after advancing by 0.6%. Soybeans in November went up 0.4% to $10.26.
The material has been provided by InstaForex Company - www.instaforex.com
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