Markets

Corn up 6-8 cts on weather worry

CHICAGO : Chicago Board of Trade corn futures were called to open 6 to 8 cents per bushel higher on Wednesday on wor

Published July 13, 2011 Updated July 13, 2011 02:01pm

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By Muhammad Iqbal

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Also cited was spill-over support from the release on Tuesday of bullish US corn stocks data by the USDA.

Globex overnight trend for corn was up 4-3/4 to 8-3/4 cents per bushel with spot July, which is in delivery and thinly traded, was up 15-1/2 cents.

Cooler temperatures this week in the US Midwest boosting corn and soybean prospects, but turn to hot and dry weather by the weekend and extending through next week likely to add stress to crops DTN World Commodities Weather Spotlight.

High winds on Monday may have destroyed up to 550,000 acres of US corn although 100,000 tgo 275,000 acres are more likely an agricultural meterologist said.

Goldman Sachs said inventory and production uncertainty would likely support crop prices and it expects soybeans will outperform corn prices over the longer term.

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