Corn futures at the Chicago Board of Trade were higher early on Friday amid renewed weather worries, traders said. At 11:20 am CDT (1620 GMT), CBOT corn was unchanged to 3-1/2 cents per bushel higher. July was up 3-1/2 at $2.13 per bushel. Cargill Investor Services bought 600 July, Prudential Securities and Tenco Inc each bought 300 July, ABN Amro and FIMAT Futures each bought 200 July, traders said. Forecasts for cool weather in the Midwest next week and diminished chances for rainfall were supportive for corn futures prices, the traders said.
The US corn crop needs warm weather and occasional showers to boost growth and development. Meteorlogix weather on Friday said showers the past couple of days improved conditions for early developing crops. But cool weather during the six- to 10-day period, combined with diminished chances of rainfall, will likely slow development of crops once again, Meteorlogix forecast.
Exports were quiet overnight. Traders and analysts continue to cite the need for a more robust export sales pace in order to draw down the abundant supply of feed grains.
Cash basis bids for corn were firm in the Midwest late on Thursday with farmer selling slowed because of a decline in CBOT corn futures.
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