Chicago Board of Trade (CBOT) corn, wheat and soybeans all extended gains on Wednesday as weather forecast put hotter and drier weather in key corn and soybean field in U.S. Midwest.
The most active corn contract for December delivery gained 9.50 cents, or 2.64 percent, to 3.6975 dollars per bushel. September wheat delivery was up 1.25 cents, or 0.29 percent, to 4.3975 dollars per bushel.
November soybeans added 18.25 cents, or 1.68 percent, to 11.0525 dollars per bushel. The U.S. Energy Information Administration (EIA) released its weekly ethanol production report and its weekly ethanol stock report on Wednesday.
According to the production report, EIA pegged corn-based fuel ethanol production till week of July 8 at 1,004,000 barrels, up from previous week's 984,000 barrels. Meanwhile, EIA rated ethanol stocks at 21,131,000 barrels during the same timeframe, which were down by 426,000 barrels per day from previous week. Analysts noted that these reports supported corn futures higher as they showed more corn will be consumed for the ethanol.
The weather forecast put hotter and drier weather in key corn and soybean areas in the U.S. Midwest next week, analysts noted that dry weather may hurt the development of corn and soybean there, extending additional support on corn and soybeans Wednesday. Some analysts noted that wheat followed corn and soybean and settled a litter higher.
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