Corn was heading for its second day of gains as a heat wave was hitting fields ahead of harvest.
(Bloomberg) — Corn was heading for its second day of gains as a heat wave was hitting fields ahead of harvest.
The US Department of Agriculture was expected to cut condition ratings for the most widely sown American crop in a weekly report due later Tuesday. Still, outlooks for milder conditions kept a lid on the rally. Chicago corn for December delivery climbed as much as 1.5%, the biggest intraday gain in about a week.
“Despite another mostly hot and dry weekend over the Labor Day holiday, corn futures are stuck in a sideways trade pattern,” Naomi Blohm, senior market adviser at Total Farm Marketing, said in a note to clients.
Wheat prices were also rising slightly after Russian President Vladimir Putin said he wouldn’t revive a deal that had safeguarded the passageway of Ukrainian grain through the Black Sea, raising concerns about supply. Putin said he wouldn’t revive the grain deal unless obstacles to Moscow’s own agricultural exports are removed.
–With assistance from Keira Wright.
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