Crop Futures Extend Gains With Corn Climbing to Six-Year High
- Strong U.S. soy exports needed to sustain $13/bushel: analyst
- Wheat reaches six-year intraday high; sugar, cotton climb
This article is for subscribers only.
Corn capped its longest-ever rally and soybeans broke above $13 a bushel for the first time since 2014, propelled by optimism for strong demand next year and ongoing supply concerns from Latin America. Wheat climbed to a six-year high.
The rally in corn extended to a six-year high as Argentina temporarily suspended export licenses for the grain set to ship before March 1, to maintain adequate domestic animal-feed supply. Soybeans recovered from an earlier 1.2% decline after workers ended a strike in Argentina that has held up exports from the world’s largest shipper of soy products.