Corn futures at the Chicago Board of Trade surged 3 percent to a 3-1/2-month high early on Friday amid persistent concerns about dry weather in the eastern portion of the US Midwest crop region, traders said.
At 10:03 am CDT (1503 GMT), corn was up 3-1/2 to 13 cents in most nearby contracts, with July up 13-1/4 at $4.22-3/4 per bushel. New-crop December was up 7 at $4.24-1/2 per bushel.
Traders and analysts said weather patterns in the US Midwest continued to be the driving force in the volatile corn futures market. "There is the potential for disappointing rains east of the Mississippi River next week and, if forecasts stay that way over the weekend, you have the potential for a 20-cent up move in the corn trade Sunday night," said Roy Huckabay, analyst for The Linn Group. Oat futures were up 2 to down 1, with July up 2 at $2.92-1/2 per bushel.
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