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Chicago Corn Futures rose on Monday (August 10, 2020). Bargaining and high oil prices helped the market recover from its lowest in five weeks. However, record crop yields in the United States have declined.
Wheat slid for a third consecutive session as abundant world supplies weighed on the market.
A big prospective U.S. (corn) crop looks more and more likely to be realized while demand is shaky, said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia.
The most-active corn contract the Chicago Board Of Trade rose 0.2% to $3.21-1/2 a bushel, as of 0248 GMT, after ending down 0.9% in the previous session.
Wheat fell 0.1% to $4.95 a bushel, while soybeans gained 0.1% at $8.68 a bushel.
Oil prices climbed in early trade on Monday, clawing back over half of Friday’s losses, on hopes for a stimulus deal to shore up the U.S. economic recovery and a pledge from Iraq to deepen its crude oil supply cuts.
Corn prices often track the move in energy markets, with the increasing use of the grain in making ethanol fuel. Find more...
Source: Online/SZK
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