Corn Jumps to 31-Month High as Oil Climbs, Boosting Biofuel
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Corn advanced to the highest level since July 2008 and soybeans gained on speculation a crude oil rally may increase demand for alternative fuel. Wheat increased.
May-delivery corn jumped as much as 3.3 percent to $7.4425 a bushel, the highest price since July 7, 2008, on the Chicago Board of Trade and traded at $7.245 a bushel at 5:46 p.m. Tokyo time. The Chicago market was closed yesterday.