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U.S. corn futures rally to 3-1/2 month high on harvest outlook

Published 10/30/2014, 07:42 AM
Updated 10/30/2014, 07:42 AM
U.S. corn climbs to 14-week high on harvest delays

U.S. corn climbs to 14-week high on harvest delays

Investing.com - U.S. corn futures rallied for the fourth consecutive session to hot the highest level in more than three months on Thursday, as a slowdown in the pace of the U.S. harvest continued to buoy prices.

On the Chicago Mercantile Exchange, US corn for December delivery rose to a session high of $3.7940 a bushel, the most since July 18. Prices last traded at $3.7913 during U.S. morning hours, up 3.52 cents, or 0.94%.

Corn futures surged 10.6 cents, or 2.95%, on Wednesday to end at $3.7520 a bushel.

According to the U.S. Department of Agriculture, nearly 46% of the U.S. corn harvest was completed as of October 26, significantly below the five-year average of 65% for this time of year.

Meanwhile, US soybeans for January delivery hit a daily peak of $10.5920 a bushel, the highest since August 22, before trimming gains to last trade at $10.5063, up 2.02 cents, or 0.195.

Prices of the oilseed spiked 34.0 cents, or 3.35%, on Wednesday to settle at $10.4900 a bushel.

Approximately 70% of the U.S. soy harvest was completed as of last week, below the five-year average of 76% for this time of year, according to the USDA.

Elsewhere on the CBOT, US wheat for December delivery advanced 6.53 cents, or 1.21%, to trade at $5.4513 a bushel, the strongest level since September 3.

A day earlier, wheat prices tacked on 7.4 cents, or 1.41%, to close at $5.3820 a bushel.

Wheat prices were boosted amid concerns over the health of the harvest in major growers Russia and Australia.

Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.

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