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U.S. corn futures trade near 4-month high on crop outlook

Published 11/13/2014, 06:52 AM
Corn futures hold near 4-month high on U.S. crop outlook
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Investing.com - U.S. corn futures traded near the previous session's four-month high on Thursday, as forecasts showing adverse weather conditions across the U.S. grain belt supported prices.

On the Chicago Mercantile Exchange, US corn for December delivery tacked on 2.23 cents, or 0.59%, to trade at $3.8063 a bushel during U.S. morning hours.

A day earlier, prices soared to $3.8500 a bushel, the most since July 17, before settling at $3.7760, up 4.0 cents, or 1.07%.

Updated weather-forecasting models showed that an impressive blast of cold air is due to trek across the U.S. this week.

Grain traders were also monitoring a winter storm moving across the Dakotas and into the Great Lakes region that could bring significant snowfall and delay the pace of the harvest.

Meanwhile, US soybeans for January delivery picked up 3.52 cents, or 0.34%, to trade at $10.5113 a bushel.

Prices of the oilseed jumped to $10.8620 a bushel on Wednesday, the highest level since August 22, before turning lower to close at $10.4760, down 16.2 cents, or 1.53%.

Soybeans have been well supported in recent sessions as high demand for soybean products, such as soymeal boosted prices.

Elsewhere on the CBOT, US wheat for December delivery traded at $5.4163 a bushel, down 0.97 cents, or 0.18%.

Prices of the grain surged 17.4 cents, or 3.33%, on Wednesday to end at $5.4260 a bushel, the most since September 3.

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

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