CBOT corn hits 2-month high on soy strength; USDA data awaited

Reuters · 09/27 20:01
CBOT corn hits 2-month high on soy strength; USDA data awaited

- Chicago Board of Trade corn futures ended higher on Friday on spillover strength from soybean and soymeal futures as well as short-covering and positioning ahead of key U.S. government crop data due on Monday, traders said.

  • CBOT December corn CZ24 settled up 4-3/4 cents at $4.18 per bushel after reaching $4.19-3/4, the contract's highest level since July 26. For the week, December corn rose 16-1/4 cents a bushel or about 4%.

  • Corn followed as soybean futures hit their highest prices in two months on worries about damage to crops and infrastructure in the Gulf Coast region following the landfall of Hurricane Helene, and as October soymeal SMV24 surged 6% ahead of the first notice day on Monday for deliveries against October futures.

  • Widespread rain from Helene were expected to slow the harvest of soybeans and corn in the far southern Midwest and far northern Delta over the next few days, space technology company Maxar said in a note.

  • However, elsewhere in the Corn Belt, traders expect a busy harvest weekend.

  • Ahead of the U.S. Department of Agriculture's quarterly stocks report on Monday, analysts surveyed by Reuters on average expect the government to report Sept. 1 corn and soybean stocks at a four-year high.


(Reporting by Julie Ingwersen; Editing by Paul Simao)

((Julie.ingwersen@thomsonreuters.com; 1-313-484-5283; Reuters Messaging: julie.ingwersen.thomsonreuters.com@reuters.net))