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Corn trades near 7-week high on U.S. harvest delays

Published 10/22/2014, 06:18 AM
Corn futures trade near 7-week high on U.S. harvest delays
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Investing.com - U.S. corn prices held near the previous session's seven-week high on Wednesday, as a slowdown in the U.S. harvest last week supported prices.

On the Chicago Mercantile Exchange, US corn for December delivery traded at $3.5588 a bushel during U.S. morning hours, down 0.12 cents, or 0.04%.

A day earlier, corn futures rose to $3.5860, the most since September 3, before settling at $3.5600, up 7.6 cents, or 2.23%.

The U.S. Department of Agriculture said on Monday that nearly 31% of the U.S. corn harvest was completed as of October 19, below the five-year average of 53% for this time of year.

Meanwhile, US soybeans for November delivery rallied 12.15 cents, or 1.26%, to trade at $9.7575 a bushel.

Prices of the oilseed surged 20.0 cents, or 2.12%, on Tuesday to end at $9.6420 a bushel.

According to the USDA, approximately 53% of the U.S. soy harvest was completed as of last week, compared to the five-year average of 66% for this time of year.

Elsewhere on the CBOT, US wheat for December delivery advanced 0.30 cents, or 0.08%, to trade at $5.1963 a bushel.

Prices of the grain hit $5.2360 on Tuesday, the highest since September 10, before closing at $5.1920, up 5.6 cents, or 1.12%.

Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.

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