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Chicago corn rises amid South American crop concerns

(Xinhua)

13:29, March 12, 2012

CHICAGO, Feb. 8 (Xinhua) -- Chicago corn price ended a tad higher on Wednesday, on speculation that dry weather in Argentina and Brazil damaged crops, boosting demand for U.S. supply. Soybean dropped as rains in Argentina areas overnight is expected to improve soybean crop conditions.

The most active corn contract for March delivery added 0.25 cents, or 0.04%, to close at 6.425 U.S. dollars per bushel. March wheat dropped 1.5 cents, or 0.2%, to 6.6075 dollars per bushel. March soybean dipped 0.5 cent, or 0.04%, to close at 12.315 dollars per bushel.

Corn and soybean both gained some support as traders expected that U.S. Department of Agriculture (USDA) probably will trim its output forecast for South America crop and raise its projection for export demand for U.S. corn in its Thursday report.

Soybean price came under pressure on Wednesday, giving back earlier gains as traders expected that rains overnight helped revive soybean fields in Argentina baked by a drought that has raised concern about world food supplies.

According to a report released by Commodity Weather Group LLC on Wednesday, the most impressive rains of the growing season, with as much as 4 inches of rain overnight, will aid crops in Argentina and move into southern Brazil on Thursday.

Argentina is the world's second biggest corn exporter, and Brazil is forecast to be the top soybean shipper this year, according to the USDA.

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