CBOT corn climbs on U.S. weather, crude oil prices
CORN•Corn futures rise on weather and crude support
Chicago Board of Trade corn futures rose on dry weather in the U.S. Midwest as rising crude oil prices also provided support.
- CBOT September corn CU26 settled up 9-1/4 cents, at $4.62 per bushel.
- Most-active December corn CZ26 ended up 9-1/2 cents at $4.84-3/4 a bushel.
- Hot, dry weather in parts of the western U.S. corn belt next week is expected to add stress to the crop, according to analysts.
- Rising crude oil prices underpinned futures because of its use as a feedstock for biofuel.
- Brazil corn exports are seen reaching 3.7 million tons in July vs 3.44 million tons estimated in the previous week, according to ANEC, the Brazilian association of grain exporters.
