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    Corn and wheat extend gains amid risks in US crops; soy retreats

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    The most active December corn contract rose 4.50 cents at $6.1850 a bushel after hitting $6.28 (Image: REUTERS/Dane Rhys/File Photo)

    the futures of corn and wheat of the Chicago Stock Exchange rose this Wednesday, with the climate hot and dry in parts of the United States and gives Europe keeping tension on harvest risks, while soybeans closed lower after hitting contract highs.

    Traders also adjusted positions ahead of the monthly supply and demand report from the US Department of Agriculture (USDA) on Friday.

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    The government is expected to lower its outlook for US corn production, according to a Reuters poll of analysts.

    “The weather in late August is still a big concern and could reduce some of the US yield potential,” said Tomm Pfitzenmaier, an analyst at Summit Commodity Brokerage. “Given the problems in various areas of the country, commerce is trying to determine how low the US yield might be.”

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    The most active December corn contract rose 4.50 cents at $6.1850 a bushel after hitting $6.28, the highest since July 29.

    Wheat advanced 22 cents to $8.0350 a bushel.

    already the Soy Chicago’s August 2012 market tumbled 4.50 cents at $16.8875 a bushel, pulling back after hitting a contract high of $17.3075 as traders booked profits and exited long positions.

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    Source: Moneytimes

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