February 20, 2024

Corn and soybean prices have risen in Chicago in the wake of the US harvest slowdown

War Mark Weinrob

CHICAGO (Reuters) – Maize futures trading in the United States rose for the fourth day in a row this Friday, hitting a two-and-a-half-month high as traders left the market in a slow harvest auction search in the U.S. Midwest, traders said.

“We’re trying to get high enough to attract a little more producer movement,” said Don Roose, head of Iowa-based U.S. Commodities.

Rainy weather delayed harvesting and boosted soybeans, although technical pressures limited profits.

Corn and soybeans received additional support from news of new US export deals. The future of wheat was without a common direction.

At the Chicago Board of Trade, red soft winter wheat for December was up 0.25 cents at $ 7.7275 a bushel. The most active contract rose 6.5% this month, the fifth consecutive monthly gain and its longest series since 2007.

December corn futures were up 5.50 cents at $ 5.6825 and January soybeans were up 3.50 cents at $ 12.4950.

(Additional Report by Gus Trombis in Paris and Naveen Thukral in Singapore)


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