Corn hits one-week high on US crop worries, soybeans firm

According to Business Recorder, Chicago corn futures climbed to their best level in a week on Wednesday while soybeans extended their advance. Traders cited worries over deteriorating US crop conditions as the main support for prices. The most-active CBOT corn contract was up 0.1% at $5.08-1/4 a bushel, after peaking earlier at its highest level since September 30.

Wheat slipped 0.1% to $7.03-1/2 a bushel after a firmer close on Tuesday, although ongoing attacks on grain vessels in the Black Sea capped the decline. Soybeans rose 0.3% to $13.07-1/4 a bushel. Farmers have sped up harvesting after rain delays last week, while dry weather is forecast for much of the Midwest in the coming week.

The US Department of Agriculture said on Monday that 23% of corn and 25% of soybeans had been harvested as of Sunday, slower than analysts expected and below the five-year average pace. The agency also trimmed its estimate of good-to-excellent corn ratings by more than forecast. Rain in recent days has raised worries about soybean quality and the oil share, and the agency will refresh its harvest outlooks in a report due Friday.