Grain futures on the Chicago Board of Trade rose on Wednesday, led by corn after the government projected much slimmer US corn stocks than the market had expected, with a record amount of this year's crop going to ethanol production, traders said. Soyabeans and wheat followed corn higher.
March corn futures hit their highest price point in 2-1/2 years, but failed to take out chart resistance at $7 a bushel, which rests just above the market. Highlights of the US Department of Agriculture's February crop production and supply/demand reports included USDA projections that US corn stocks will fall to their lowest level in 15 years, with a record amount of corn used for ethanol. CBOT trends as of 10:55 am CST (1655 GMT) on Wednesday: March wheat up 7-1/2 cents at $8.81-1/2 per bushel. March corn up 19-1/4 cents at $6.93 per bushel. March soyabeans up 7-1/2 cents at $14.41-3/4 per bushel.
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