Tuesday, 19 June 2012 23:24
CHICAGO: Nearby corn and soy futures hit a one-month high o n T uesday, while wheat also climbed as hot and dry weather in the US Midwest threatened crop prospects and raised concerns that corn inventories will fail to be replenished as projected.
The gains came a day after the US Department of Agriculture reported a larger-than-expected decline in weekly US corn and soybean condition ratings due to the weather.
Forecasts showed little relief in sight for the driest areas, including Missouri and the eastern half of the Corn Belt, raising fears of further crop downgrades.
"It will be dry in roughly half of the corn and soybean belt; no doubt there will be further deterioration for at least the next two weeks," said Don Keeney, meteorologist for MDA EarthSat Weather.
At the Chicago Board of Trade, new-crop December corn led the way up. As of 11:30 a.m. CDT (1630 GMT), the contract was ...