Soy and Corn Extend Rally on Weather Worries, Strong Demand
Bloomberg 1 hr ago
(Bloomberg)
Corn extended gains above $6 a bushel and soy topped $15, setting fresh mulityear highs, as China’s rampant demand and adverse weather threaten to further tighten supply.
Wheat has also rallied this month, adding to worries about global food-price inflation as consumers still contend with the coronavirus pandemic. Brazil’s second-corn crop is suffering from drought and U.S. planting has been slowed by a record cold snap. The freeze there may also have damaged some winter wheat, and western Europe lacks moisture for early growth of the grain.
China Is Already Scooping Up U S Corn From the Next Harvest msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
Corn Powers to $5 and Soybeans Spike
Bloomberg 1/6/2021 Kim Chipman and Megan Durisin
(Bloomberg) Soybean futures in Chicago extended their winning streak for a sixth day and corn exceeded $5 a bushel on expectations that the U.S. will cut domestic supply forecasts for the crops.
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The oilseed touched a six-year high and may still be under-priced due to the severe tightness of U.S. stockpiles, according to Rich Nelson, chief strategist at Allendale Inc. While corn isn’t seeing as extreme a shortage, soy bullishness will bolster the grain, he said. Meanwhile, farmer protests and dry weather in South America could further tighten supplies.