CHICAGO: Corn futures on the Chicago Board of Trade rose to their highest in a year on Monday on fears of reduced yield potential due to hot and dry weather in portions of the US Midwest this week as the crop begins pollination, traders said.
CBOT September corn settled up 9-1/2 cents at $4.02 per bushel after reaching $4.02-1/2, its highest since June 2016. New-crop December corn ended up 10 cents at $4.14-3/4 after reaching $4.15.
Ahead of the US Department of Agriculture's weekly crop progress report due later on Monday, analysts on average expected the government to rate 67 percent of the US corn crop in good to excellent condition, down from 68 percent a week ago.
Farmers in China's central Henan province will switch almost 61,000 hectares of farmland from grain to forage crops, the official Xinhua news agency said, under a pilot project aimed at helping reduce the country's corn stocks.
The CBOT reported 803 deliveries against the CBOT July corn contract, which expires on Friday.
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