Investing.com – Corn futures were up for a second day on Tuesday, climbing to a three-day high after a government report showed that U.S. corn crop conditions deteriorated last week, adding to concerns over tightening U.S. supplies.
On the Chicago Mercantile Exchange, corn futures for December delivery traded at USD6.5988 a bushel during European morning trade, surging 1.83%.
It earlier rose by as much as 2.12% to trade at USD6.6162 a bushel, the highest price since September 22.
The U.S. Department of Agriculture said in its weekly crop progress report published after markets closed Monday that approximately 15% of the U.S. corn crop was harvested as of September 25, compared to 26% in the same week a year earlier.
The report showed that nearly 52% of U.S. corn crops were rated in ‘good’ to ‘excellent’ condition last week, compared to 66% in the same week last year.
Almost 20% of the crop was in ‘poor’ to ‘very poor’ condition, improving from 21% recorded in the preceding week. However, only 13% of the corn crop was rated ‘poor’ to ‘very poor’ in the same week a year earlier.
In Iowa, the largest corn-growing state in the U.S., 12% of the crop was rated ‘excellent’, while 15% was in ‘very poor’ to ‘poor’ condition.
Corn futures found further support after the USDA said that corn exports inspected at U.S. ports last week rose to 34.3 million bushels, up nearly 10 million bushels from a week earlier, as lower prices boosted demand.
The U.S. is both the world’s largest corn producing nation and the world’s largest exporter of the grain.
Some mild bargain buying also lent support, after corn prices fell to an 11-week low of USD6.2975 a bushel during the previous session
Wall Street investment bank Morgan Stanley reiterated its bullish stance on corn on Monday, saying that the recent weakness in prices was a result of “macro-induced risk-aversion, rather than any meaningful change in fundamentals.”
Elsewhere on the Chicago Mercantile Exchange, wheat for December delivery jumped 1.94% to trade at USD6.6075 a bushel, while soybeans for November delivery rose 0.98% to trade at USD12.7200 a bushel.
On the Chicago Mercantile Exchange, corn futures for December delivery traded at USD6.5988 a bushel during European morning trade, surging 1.83%.
It earlier rose by as much as 2.12% to trade at USD6.6162 a bushel, the highest price since September 22.
The U.S. Department of Agriculture said in its weekly crop progress report published after markets closed Monday that approximately 15% of the U.S. corn crop was harvested as of September 25, compared to 26% in the same week a year earlier.
The report showed that nearly 52% of U.S. corn crops were rated in ‘good’ to ‘excellent’ condition last week, compared to 66% in the same week last year.
Almost 20% of the crop was in ‘poor’ to ‘very poor’ condition, improving from 21% recorded in the preceding week. However, only 13% of the corn crop was rated ‘poor’ to ‘very poor’ in the same week a year earlier.
In Iowa, the largest corn-growing state in the U.S., 12% of the crop was rated ‘excellent’, while 15% was in ‘very poor’ to ‘poor’ condition.
Corn futures found further support after the USDA said that corn exports inspected at U.S. ports last week rose to 34.3 million bushels, up nearly 10 million bushels from a week earlier, as lower prices boosted demand.
The U.S. is both the world’s largest corn producing nation and the world’s largest exporter of the grain.
Some mild bargain buying also lent support, after corn prices fell to an 11-week low of USD6.2975 a bushel during the previous session
Wall Street investment bank Morgan Stanley reiterated its bullish stance on corn on Monday, saying that the recent weakness in prices was a result of “macro-induced risk-aversion, rather than any meaningful change in fundamentals.”
Elsewhere on the Chicago Mercantile Exchange, wheat for December delivery jumped 1.94% to trade at USD6.6075 a bushel, while soybeans for November delivery rose 0.98% to trade at USD12.7200 a bushel.