March 27, 2024

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GRAINS-Corn, soy hit 6-1/2-calendar year highs on Argentine corn export restriction, dry climate

2 min read

By Karl Plume

CHICAGO, Dec 31 (Reuters)U.S. corn futures prolonged gains on Thursday and hit their best stage in 6-1/2 several years just after significant supplier Argentina stated it would suppress exports and as dry weather threatened harvests in South The usa.

Soybeans also scaled a refreshing 6-1/2-calendar year peak on South American climate problems and tightening world materials, while wheat eased on earnings-using immediately after hitting a six-yr higher.

All 3 commodities ended up poised for strong gains for the 7 days, thirty day period, quarter and year.

Just after climbing for 14 straight classes, corn Cv1 is established for its biggest once-a-year obtain in a decade, introducing much more than 23%. Soybeans Sv1 are eyeing a 37% annual achieve, their strongest 12 months since 2007. Wheat’s Wv1 almost 14% obtain for 2020 would be the fourth straight calendar year in the black.

Corn guided grains increased on Thursday immediately after Argentina’s agriculture ministry introduced that the place would suspend revenue of corn for exports until Feb. 28 to ensure enough domestic food items provides.

The transfer induced more getting in a futures sector now on edge thanks to crop-threatening South American weather amid robust need and tightening global corn and soy supplies.

“There is ongoing problem about Argentine and southern Brazilian weather conditions,” reported Jack Scoville, analyst with the Price Group. “There’s also a large amount of fund buying just dependent on the trends, which are very up.”

Argentina and southern Brazil are envisioned to continue being hot and dry for much of the subsequent two weeks, according to meteorologists.

Chicago Board of Trade March corn CH1 jumped 6 cents to $4.80-1/2 a bushel by 10:25 a.m. CST (1625 GMT), the greatest for a most-energetic contract Cv1 given that May possibly 22, 2014.

March soybeans SH1 received 12-1/2 cents to $13.13 a bushel, the loftiest stage for a most-energetic deal Sv1 because June 23, 2014.

CBOT March wheat WH1 was down 1-3/4 cents at $6.39 a bushel following hitting a six-12 months substantial of $6.44-1/2 overnight.

(Additional reporting by Emily Chow in Shanghai Modifying by Subhranshu Sahu, Vinay Dwivedi and Jonathan Oatis)

(([email protected] +1 313 484 5285 Reuters Messaging: [email protected]))

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