Corn advanced for a fifth day, the longest winning streak this year, on speculation of crop losses in Argentina, the second-largest shipper.
Argentina’s corn harvest will fall to 21.4 million metric tons in the year beginning March, from a record 23 million tons a year earlier, the United Nations’ Food and Agriculture Organization said in a report yesterday. The U.S. Department of Agriculture’s next estimate is due on Feb. 9.
“The continued dry conditions in South America have put a strong bid into the grain markets,” Dennis Gartman, an economist and editor of the Gartman Letter in Suffolk, Virginia, said in his letter today. “Until this weekend, the markets were hopeful for rain upon the Argentine and Brazilian corn and soybean crops. The amounts received were modest at best and scattered at worst.”
Corn for March delivery gained 0.9 percent to $6.36 a bushel at 10:34 a.m. London time on the Chicago Board of Trade. A close higher today would indicate the longest winning streak since Dec. 28.
Soybeans for delivery in March rose 0.4 percent to $12.25 a bushel in Chicago, the third straight increase. The price is up 1.4 percent this year.
Wheat for March delivery advanced 0.7 percent to $6.38 a bushel in Chicago. Milling wheat for March delivery was 1.3 percent higher at 208.50 euros ($271) a metric ton on NYSE Liffe in Paris.
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