Corn rises on US, China crop-damage concern

Corn rose to the highest price in almost two years in Chicago and soybeans jumped to a 15-month peak on concern that floods in the US and freezing weather in China may damage crops. Corn for December delivery advanced 0.1 per cent to $5.225 a bushel on the Chicago Board of Trade at 2:14 pm Paris time. The grain touched $5.2875, the highest level for the most-active contract since September 29, 2008.

Western parts of the US Midwest face further harvest delays this week as fields are very wet and some areas remain flooded, Telvent DTN Inc. said in a September 24 forecast. Northeast China will likely have freezing conditions, potentially hurting maturing soybeans and corn, DTN said. The US is the world’s largest exporter of both crops. November-delivery soybeans advanced 0.6 per cent to $11.33 a bushel after touching $11.44, the highest price since June 5, 2009. December-delivery wheat gained 0.7 per cent to $7.25 a bushel, extending the prior session’s 3.3 per cent surge. Milling wheat for November delivery rose 0.8 per cent to €225.75 ($303.61) a metric tonne on NYSE Liffe in Paris.