Chicago corn hits one-month high on strong export demand, weather woes
- Soybeans fell 0.34% to $11.88 a bushel, but remained near a six-week high
BEIJING: [Chicago corn futures](https://Chicago corn hits one-month high on strong export demand, weather woes) rose to a one-month high on Tuesday, supported by strong export demand and weather worries in the US Midwest.
The most-active corn contract on the Chicago Board of Trade (CBOT) climbed 0.05% to $4.69-1/2 a bushel as of 0149 GMT.
Meanwhile, soybeans fell 0.34% to $11.88 a bushel, but remained near a six-week high.
Corn prices were underpinned by overly wet weather over the US corn belt and strong export demand, with another South Korean corn purchase reported on Monday.
Early US soybean and corn planting has been making good progress, though storms expected in the US Midwest could delay seeding in some areas.
Corn and soybeans were also supported by a boost from crude, said Josh Lawrence, advisory consultant at IKON Commodities.
Oil prices extended gains on the day as efforts to end the US-Iran war appear stalled, with the crucial Strait of Hormuz waterway still effectively shut.
Corn and soybeans are key feedstocks for biofuels.
Wheat fell 0.12% to $6.29 a bushel despite ongoing dryness concerns.
Traders are closely watching the rainy conditions in the US Plains wheat belt, which could alleviate some of the drought stress on the crops.
The USDA rated 30% of the nation’s winter wheat crop in good-to-excellent condition on Monday, unchanged from the previous week, while most analysts surveyed by Reuters had expected a slight decline. On the demand side, Saudi Arabia’s main state buying agency, the General Food Security Authority (GFSA), said it bought 985,000 metric tons of wheat in an international tender.
“Saudi Arabia buying near 1 million metric tons was a positive sign for global demand in the current circumstances,” said Lawrence.
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