Corn Rebounds From Lowest Since February; Wheat Futures Climb

Jun 06, 2014 4:21 pm ET

June 6 (Bloomberg) -- Corn rebounded from the lowest price since February amid signs of robust demand for supplies from the U.S., the world’s top grower. Wheat and soybeans also rose.

U.S. exporters sold 570,303 metric tons of corn in the week ended May 29, and sales over the past four weeks were about 27 percent higher than the same time last year, the Department of Agriculture said yesterday. For supplies from the 2013 harvest, the four-week average for sales more than tripled from a year earlier.

“Export sales were very strong for old-crop corn,” Paul Georgy, the president of Allendale Inc., said in a report today.

Corn futures for July delivery rose 2.2 percent to settle at $4.59 a bushel at 1:15 p.m. on the Chicago Board of Trade, after touching $4.47, the lowest for a most-active contract since Feb. 14. Prices capped a fourth week of losses, the longest streak since August.

The U.S. harvest is poised to reach a record as rain and warmer weather boost crops, a Bloomberg survey showed. Farmers will collect an all-time high of 13.939 billion bushels this year, according to the average estimate of 25 analysts and traders. The USDA will update is crop outlook on June 11.

Wheat futures for July delivery advanced 2.1 percent to $6.1825 a bushel in Chicago, after touching $6.03, the lowest since Feb. 28. Soybean futures for delivery in November advanced 0.7 percent to $12.1875 a bushel.