French maize futures jumped to historic highs on Friday following the surge in French wheat futures and a rise in US corn futures to three-month highs on concerns about dry weather in the US Midwest.
All Euronext maize futures opened higher with front-month August at the psychological level of 200 euros, up 3.75 euros, the highest front month level since futures were launched in 1998. The contract has gained nearly 30 percent since early April and 12 percent over the last two weeks.
Traders said the rise was mainly following a similar surge in wheat futures, which had diminished the spread with maize. French wheat futures were also firm with new crop benchmark November up 0.50 euro, at 178.75 euros by 0900 GMT, but below the historic high of 181 euros hit on Thursday. Volumes traded were low due to the international grain trade fair in Paris on Friday.
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