Corn advanced for a second day on concern that hot weather in the U.S. may hurt the outlook for a record crop in the largest grower and exporter. Wheat rose.
Corn for December delivery advanced as much as 0.7 percent to $5.145 a bushel on the Chicago Board of Trade, after climbing 1.4 percent yesterday. It traded at $5.1425 at 11:08 a.m. in Singapore on volume that was 37 percent below for the 100-day average for that time of day.
Hot temperatures may hit the Midwest in the next three days, with little rainfall, DTN said in a report yesterday. About 16 percent of corn reached the silking stage, behind a five-year average of 35 percent, the U.S. Department of Agriculture said July 15. Silking is part of the pollination stage when drought and high-temperature stress can hurt the yield potential, according to the Ohio State University Extension website.
“Market participants are concerned about a pollination problem,” Makiko Tsugata, an analyst at Market Risk Advisory Co. in Tokyo, said in an e-mail today.
Futures slid 26 percent this year as farmers planted a record crop, estimated by the USDA at 13.95 billion bushels.
Soybeans for November delivery climbed 0.3 percent to $12.905 a bushel, while wheat for September delivery rose 0.3 percent to $6.715 a bushel.
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