Chicago Board of Trade corn futures resumed a rally on Thursday as concerns over dryness in Argentina and tighter U.S. stocks propelled futures to the highest price seen in more than 14 months, traders said.
Chicago corn and soybean futures eased from the previous session's multi-month peaks on Wednesday on profit taking and timely rains forecast for Argentina, said analysts.
Chicago Board of Trade corn futures hit a fresh one-year high on Tuesday, as the tariffs promised by newly sworn-in U.S. President Donald Trump did not materialize, traders said.
U.S. corn futures climbed two per cent to a fresh one-year high on Friday and soybeans rose about 1.5 per cent ahead of a long holiday weekend, lifted by Argentine weather worries and cautious optimism about U.S.-China trade relations, analysts said.
Benchmark corn futures Cv1 on the Chicago Board of Trade hit their highest in a year on Monday and soybean futures Sv1 notched a three-month top on follow-through buying after the U.S. Department of Agriculture last week cut its estimates of the size of the U.S. 2024 crops, analysts said.
Chicago soybean and corn futures surged on Friday after the U.S. Department of Agriculture projected lower-than-expected U.S. production after a dry end to the growing season.
Chicago soybean and corn futures ticked up on Thursday as traders squared positions ahead of a major U.S. Department of Agriculture supply-and-demand report due on Friday.
Chicago corn, soy and wheat futures dipped on Wednesday as the dollar jumped on uncertainty over U.S. President-elect Donald Trump's tariff plans, and as investors squared positions and awaited supply and demand data from the U.S. Department of Agriculture.
Chicago soybeans ticked lower on Tuesday as expectations for rain relief in Argentina encouraged profit-taking, after drier forecasts and a softer dollar fueled gains during the previous session.