By Karl Plume CHICAGO, Dec 31 (Reuters) - U.S. corn futures
By Karl Plume
CHICAGO, Dec 31 (Reuters) – U.S. corn futures closed their strongest yr in a decade on Thursday as Argentina curbed its exports and dry climate continued to threaten harvests in South America, sending costs to their highest in 6-1/2 years.
Soybeans additionally scaled a 6-1/2-year peak as South American climate worries and tightening international provides fueled a rally punctuating the oilseed’s strongest yearly worth acquire since 2007.
Wheat completed 2020 within the black for the fourth straight yr after touching a six-year excessive on Thursday and ending principally agency.
After climbing for 14 straight classes, corn Cv1 ended up 24.8% for the yr. Soybean costs Sv1 climbed 37.2% from a yr in the past, whereas wheat Wv1 added 14.6%.
Corn guided grains larger on Thursday after Argentina’s agriculture ministry introduced that the nation would droop gross sales of corn for exports till Feb. 28 to make sure ample home meals provides.
The transfer triggered extra shopping for in a futures market already on edge on account of crop-threatening South American climate amid strong demand and tightening international corn and soy provides.
“There’s continued concern about Argentine and southern Brazilian climate,” mentioned Jack Scoville, analyst with the Value Group. “There’s additionally a variety of fund shopping for simply primarily based on the developments, that are extraordinarily up.”
Argentina and southern Brazil are anticipated to stay scorching and dry for a lot of the following two weeks, based on meteorologists.
Chicago Board of Commerce March corn CH1 jumped 9-1/2 cents to $4.84 a bushel, the best for a most-active contract Cv1 since Might 16, 2014.
March soybeans SH1 gained 10-1/2 cents to $13.11 a bushel, the loftiest stage for a most-active contract Sv1 since June 23, 2014.
CBOT March wheat WH1 was down 1/Four cent at $6.40-1/2 a bushel after peaking earlier at a six-year excessive of $6.44-1/2.
All soybean contracts and most corn and wheat contracts hit life-of-contract highs.
(Extra reporting by Emily Chow in Shanghai; Modifying by Subhranshu Sahu, Vinay Dwivedi, Jonathan Oatis and David Gregorio)
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