MEXICO CITY: Chicago corn futures climbed on Friday amid demand from ethanol producers, while wheat bounced back from a three-week low earlier in the session as markets assessed weather conditions.
Soybeans edged down after Thursday’s one-week high, with a record Brazilian harvest tempering concern about drought losses in Argentina.
The most-active corn contract on the Chicago Board of Trade (CBOT) added 1.65% to $6.63 a bushel at 11:07 a.m. CDT (1607 GMT), the highest since April 3.
“The ethanol processor is coming after May corn, and it’s making a lot of money,” said Tom Fritz, a partner with EFG Group in Chicago. The US Department of Agriculture also announced large corn export sales to China for a second straight day on Friday.
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