Corn Gains After Dip to Lowest in Three Weeks Sparks Buying

Corn rose for the first time in four sessions after a decline to the lowest price in three weeks spurred buying interest. Corn for July delivery climbed 0.8 percent to $3.565 a bushel on the Chicago Board of Trade at 1:20 p.m. Seoul time. The price yesterday dropped to $3.515, the lowest since April 7. Soybeans for July delivery gained 0.3 percent to $9.9575 a bushel.

Nineteen of 34 traders and analysts surveyed from Chicago to Tokyo on April 23 said corn will rise this week, and 24 said soybeans will gain on concern over cold weather in China. Corn fell for the first week in three, dropping 3.5 percent.

Wheat futures for July delivery were little changed at $4.9075 a bushel in Chicago. The most-active contract is down 9.5 percent this year because of reduced demand for U.S. grain and rising global stockpiles.

Sungwoo Park
Source: Bloomberg