Corn extended the largest advance since March on concern that frost in parts of the US, the biggest producer, may hurt output forecast to reach a record.
The contract for December delivery added 0.2 percent to $3.5675 a bushel on the Chicago Board of Trade at 10:37 am in Singapore. Prices climbed 2.7 percent on 5 September, the most for a most-active contract since 4 March.
There is a frost threat on 12 September or 13 September, with North Dakota and northern Minnesota most at risk, MDA Weather Services said in a 5 September report. There is significant uncertainty regarding how widespread a frost will be, it said. Corn tumbled 23 percent in the past year as US farmers prepare to harvest a record crop, US Department of Agriculture data show.
“Cooler forecast weather in the U.S. Midwest has raised some concerns for ripening and drying time for the US corn crop,” Australia & New Zealand Banking Group Ltd. analysts including Paul Deane wrote to Bloomberg in an e-mailed note today. “Those short in the market may be taking profits” before the USDA’s world supply and demand report set for 11 September, the bank said.
US farmers may harvest 14.276 billion bushels of corn, topping the USDA’s forecast of a record 14.032 billion bushels on 12 August, according to a survey of 32 analysts and traders by Bloomberg News.
Wheat for December delivery advanced 0.6 percent to $5.385 a bushel. Soybeans for delivery in November rose 0.4 percent to $10.26 a bushel.
