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CBOT corn climbs to new highs amid wet weather, lower supplies

2019-06-14 05:32

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CHICAGO, June 13 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures settled sharply higher on Thursday, with corn prices reaching the highest level since 2015 amid concerns about wet weather and notably declining supplies.
The most active corn contract for July delivery was up 12 cents, or 2.79 percent at 4.42 U.S. dollars per bushel. July wheat was up 9.25 cents, or 1.76 percent to 5.355 dollars per bushel. July soybeans were up 10 cents, or 1.14 percent to 8.88 dollars per bushel.
According to weather forecast, more thunderstorms are expected to hit the U.S. Midwest in the next 10 days, which may further disrupt already delayed corn and soybean planting.
As of June 9, only 83 percent of U.S. corn was seeded, compared to the 2014-18 average of 99 percent. Meanwhile, 60 percent soybeans were in the ground, well behind the five-year average of 88 percent.
The domestic corn production for 2019/20 will possibly decline by 1.4 billion bushels to 13.7 billion, which if realized would be the lowest since 2015/16, according to a monthly updated demand and supply report of the U.S. Department of Agriculture (USDA).
The USDA confirmed on Thursday that private exporters reported export sales of 175,000 metric tons of corn for delivery to Mexico during the 2019/20 marketing year, which offered additional support for corn prices.
CBOT wheat futures also posted gains for the fourth session in a row. Enditem
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