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  • bluecheese4u bluecheese4u Jul 10, 2013 11:46 PM Flag

    Corn Nears Two-Week High as Warmer Weather May Hurt Midwest Crop

     

    Corn Nears Two-Week High as Warmer Weather May Hurt Midwest Crop

    By Luzi Ann Javier - Jul 10, 2013 8:40 PM MT

    Corn advanced toward a two-week high on speculation that hedge funds may be paring bets on price declines as parts of the U.S. Midwest turn warmer, potentially hurting yields. Soybeans and wheat rose.

    Corn for December delivery gained as much as 0.6 percent to $5.2475 a bushel on the Chicago Board of Trade after touching $5.275 yesterday, the highest price since June 28. Futures traded at $5.2375 by 10:17 a.m. in Singapore on volume that was 20 percent below the 100-day average for that time of day.

    A drier, warmer trend may develop in the Midwest next week, increasing stress to corn and soybeans in the western-most part, especially Nebraska and Kansas where heat may hurt the grain, DTN reported yesterday. Hedge funds turned bearish last week for the first time since April 2010, U.S. Commodity Futures Trading Commission data show. The net-short position reached 19,943 futures and options, the most since February 2009. Speculators were net-long 98,380 contracts as recently as May 28.

    “Whenever you get sort of a fund liquidation like that we saw last week, you naturally will get a bit of a bounce in the market,” Paul Deane, an agricultural economist at Australia & New Zealand Banking Group Ltd., said by phone from Melbourne. “There’s probably about four to six weeks of weather risks still in the market. It’s at that period where temperature will be critical for what the U.S. corn yields will do.”

    The U.S. Department of Agriculture’s forecast in June for a record crop of 14.005 billion bushels this year assumes an average yield of 156.5 bushels an acre, rebounding from 123.4 bushels last year, when the nation suffered the worst drought since the 1930s. The USDA is due to update that forecast at 12 noon Washington time today. The U.S. is the world’s biggest producer of corn.

    Soybeans for November delivery gained as much as 0.4 percent to $12.90 a bus

    This topic is deleted.
 
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