Corn jumps most in three weeks with US set for heat wave
US crop is in its best condition for this time of year since 2021
Chicago corn rose as much as 2.8%, the biggest intraday gain since May 10, as the emerging US crop was set to face its first heat threat.
Extended weather models show an elevated amount of above-normal temperatures for the Midwestern crop belt, potentially stressing some fields. Overall, the US crop is in its best condition for this time of year since 2021, with the strong ratings weighing on grain prices this week prior to Thursday’s surge.
“The bid is due to the heat coming June 15,” Futures International broker Joe Davis said of corn.
Prices were further buoyed by a US Department of Agriculture announcement that 152,000 metric tons of American corn was sold to unknown buyers. Corn’s July contract also climbed more than others including December’s, which reflects the growing crop, as some traders were rolling over their positions.
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— By Michael Hirtzer (Bloomberg)
