Corn climbs as USDA projects US stocks below expectations

CHICAGO: Chicago corn futures advanced on Friday after the US Department of Agriculture (USDA) projected US stockpiles of the grain below market expectations.

Soybeans followed corn higher, underpinned by worries about weather damage to Brazil’s crop. Wheat futures rose to a fresh nine-month high as Russian wheat regions were hit by another night of frost.

Chicago Board of Trade July corn gained 13-1/4 cents to settle at $4.69-3/4 a bushel, while CBOT July soybeans rose 10-1/2 cents to $12.19 a bushel.

July wheat ended the day up 26 cents at $6.63-1/2. The USDA on Friday said US farmers would harvest their fourth largest crop ever and stocks would rise to a six-year high, but the outlook was below analyst expectations.