PARIS/SINGAPORE: Chicago corn inched up on Friday to hold near a decade high, while wheat regained ground as adverse US crop weather added to concerns about supply stemming from Russia’s invasion of Ukraine.
Soyoil rose to a new record as Indonesia’s palm oil export ban continued to roil edible oil markets already grappling with the loss of Ukrainian sunflower supplies.
The dollar eased after a 20-year high on Thursday, lending some support to grains, although investors were also weighing demand risks, like in other commodity markets, as global inflation and renewed coronavirus outbreaks in China threaten growth prospects.
The most-active corn contract on the Chicago Board of Trade (CBOT) was up 0.1% at $8.14-1/2 a bushel, as of 1058 GMT, near Thursday’s peak of $8.19-3/4 that was its highest since August 2012.
“While geopolitics and climate risk are intertwined, nervousness remains on the grain market,” consultancy Agritel said.
Weather forecasts continued to show cool, wet weather in much of the US corn belt for the week ahead, keeping attention on planting delays.
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