CBOT corn ends higher on US weather uncertainty, Black Sea tensions
CORN•Corn futures rise on weather and Black Sea concerns
Chicago Board of Trade corn futures rose on Friday on uncertainty about U.S. crop prospects following a week of extreme heat in the Midwest, tensions in the Black Sea grain export region and declines in European crop prospects, traders said.
- A 4% rise in crude oil CLc1 futures lent support, given corn's role as the main U.S. feedstock for ethanol fuel. O/R
- CBOT September corn CU26 settled up 3-1/4 cents, or 0.74%, at $4.44-3/4 per bushel.
- Most-active December corn CZ26 ended up 3-1/2 cents, or 0.75%, at $4.67-1/2 a bushel, but stayed below Thursday's six-week high of $4.74-1/4.
- For the week, December corn CZ26> rose 6-1/2 cents a bushel, or 1.4%.
- After a week of scorching temperatures in the U.S. Midwest crop belt, some analysts expect the U.S. Department of Agriculture to lower its weekly corn and soy condition ratings on Monday.
- However, forecasts called for less-threatening temperatures next week and chances for rain, particularly in the eastern Midwest.
- Meanwhile, Russia attacked two Ukrainian Black Sea port cities on Friday, killing three people, officials said, while Ukraine pressed on with its own campaign to disrupt logistics for Moscow's military and isolate Russia-annexed Crimea.
- Disruptions to the Black Sea shipping region could bolster export demand for corn at a time when crops in western Europe have struggled with hot, dry weather.
- FranceAgriMer rated 41% of the French maize crop in good or excellent condition by July 13, down from 47% a week earlier and 72% a year ago.
- Agribusiness consultancy Safras & Mercado projected Brazil's total corn crop for the 2026/27 season at 144.96 million tons, up from 140.37 in the previous season.
