By Christopher Walljasper
CHICAGO, Sept 15 (Reuters) – Chicago corn futures climbed on Wednesday, supported by strength in the crude oil market and firming wheat futures.
Wheat climbed as Russia joined France and Canada this week in reducing its production forecast for wheat at a time of strong global demand.
Soybeans firmed, though gains were limited as canceled exports from the hurricane-damaged U.S. Gulf weighed on futures.
The most-active corn contract on the Chicago Board of Trade (CBOT) Cv1 gained 11-1/4 cents to $5.31-1/2 a bushel by 11:58 a.m. (1658 GMT), after reaching $5.33-1/2, its highest since Sept. 1.
Soybeans Sv1 added 10 cents to $12.92-1/2 a bushel and wheat Wv1 firmed 13 cents to $7.13-3/4 a bushel.
Corn, a feed product for ethanol fuel, followed oil higher, as Brent crude LCOc1 rose 2.9% and ethanol stocks declined.
Corn also found support from wheat, which climbed as Russia anticipates up to 1 million fewer winter wheat hectares to be planted this fall.
“It’s Russia, Canada and France – all three countries reduced their production by some extent,” said Dan Hussey, senior market strategist at Zaner Group. “Couple that with the reduction from the WASDE on Friday in U.S. production, it’s tightening up that global balance sheet.”
Soybeans also firmed, but gains were limited after the U.S. Department of Agriculture reported two soybean sales cancellations, including 132,000 tonnes from China and 196,000 tonnes from unknown destinations.
Analysts said those cancellations were likely due to closures at the U.S. Gulf after Hurricane Ida damaged several terminals.
“The beans did get some bad news today, with the cancellation of export sales, but I think that’s been factored into prices already,” said Jack Scoville, market analyst at the Price Futures Group.
(Reporting by Christopher Walljasper; Additional reporting by Naveen Thukral; Editing by Will Dunham)
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