By Karl Plume CHICAGO, Dec 31 (Reuters) - U.S. corn futures
By Karl Plume
CHICAGO, Dec 31 (Reuters) – U.S. corn futures prolonged beneficial properties on Thursday and hit their highest degree in 6-1/2 years after main provider Argentina stated it could curb exports and as dry climate threatened harvests in South America.
Soybeans additionally scaled a recent 6-1/2-year peak on South American climate worries and tightening international provides, whereas wheat eased on profit-taking after hitting a six-year excessive.
All three commodities had been poised for strong beneficial properties for the week, month, quarter and 12 months.
After climbing for 14 straight classes, corn Cv1 is about for its largest annual acquire in a decade, including greater than 23%. Soybeans Sv1 are eyeing a 37% annual acquire, their strongest 12 months since 2007. Wheat’s Wv1 almost 14% acquire for 2020 can be the fourth straight 12 months within the black.
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 sturdy demand and tightening international corn and soy provides.
“There may be continued concern about Argentine and southern Brazilian climate,” stated Jack Scoville, analyst with the Value Group. “There’s additionally a whole lot of fund shopping for simply primarily based on the tendencies, that are extraordinarily up.”
Argentina and southern Brazil are anticipated to stay sizzling and dry for a lot of the subsequent two weeks, in response to meteorologists.
Chicago Board of Commerce March corn CH1 jumped 6 cents to $4.80-1/2 a bushel by 10:25 a.m. CST (1625 GMT), the best for a most-active contract Cv1 since Could 22, 2014.
March soybeans SH1 gained 12-1/2 cents to $13.13 a bushel, the loftiest degree for a most-active contract Sv1 since June 23, 2014.
CBOT March wheat WH1 was down 1-3/Four cents at $6.39 a bushel after hitting a six-year excessive of $6.44-1/2 in a single day.
(Extra reporting by Emily Chow in Shanghai; Modifying by Subhranshu Sahu, Vinay Dwivedi and Jonathan Oatis)
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