Corn price rises after US forecasts strong demand
Corn futures rose Friday after the U.S. forecast higher demand for the grain than traders were expecting.
Corn for December delivery rose 6.25 cents to $4.2675 a bushel. Corn is still down nearly 40 percent this year on concerns about oversupply created by huge harvests.
The U.S. Department of Agriculture said Friday it expects a record 13.99 billion bushels of corn to be harvested, more than the September forecast of 13.8 billion bushels.
The U.S.D.A. also forecast greater demand for feed corn and for exports than the market had expected, said Brandon Marshall, commodity trader with Northstar Commodity in Minneapolis. Farmers were also planning to harvest fewer acres than the market expected, Marshall said.
Soybeans rose, while wheat slipped.
January soybeans rose 29.5 cents to $12.96 a bushel, and December wheat fell 3.25 cents to $6.4975 a bushel.
The price of oil rose 40 cents to close at $94.60 a barrel. Encouraging data on U.S. employment was offset by the possibility of a loosening of sanctions against Iran by the West.
In other trading, wholesale gasoline added 5 cents to $2.55 a gallon, heating oil gained 3 cents to $2.87 a gallon and natural gas advanced 4 cents to $3.56 per 1,000 cubic feet.
In metals trading, December gold fell $23.90 to $1,284.60 an ounce.
Silver for December delivery fell 34 cents to $21.317 an ounce and December high-grade copper rose half a cent to $3.254 a pound.
December palladium fell $1.25 to $757.90 an ounce and January platinum fell $13.90 to $1,442.90 an ounce.