Corn prices climbed Thursday as traders fretted over dry weather in the eastern Corn Belt.
In other commodities, crude oil and agriculture prices rallied, while the gold market suffered at the hands of a rising U.S. dollar.
Corn fields in southern Indiana and southwestern Ohio have hungered for rain for weeks, and the lack of moisture remains a focal point in the corn market, said DTN analyst Gary Wilhelmi. National Weather Service data indicated scattered thunderstorms could sate parts of the region in the coming days, and traders will be watching for reports of rain.
July corn jumped 10 cents to settle at $3.846 a bushel on the Chicago Board of Trade. Wheat for July delivery rose 4.6 cents to end at $5.244 a bushel, while soybean futures added 9.6 cents to settle at $8.32 a bushel.
Meanwhile in New York, energy prices climbed as traders took recent refinery data and economic projections as bullish signs, according to Wachovia Corp. energy economist Jason Schenker.
The Energy Information Administration on Wednesday reported a surprise drop in refinery usage for the week ended June 1. Although gasoline stockpiles increased at the same time — boosted partly by imports and partly by weaker demand — traders viewed the refining rollback as a worrisome element heading into the peak driving months of July and August.
Federal Reserve Chairman Ben Bernanke’s projections Wednesday that economic growth would pick up pace later this year also continued to ripple through the market. Oil demand tends to rise with economic expansion.
Light, sweet crude for July delivery gained 97 cents to settle at $66.93 a barrel on the New York Mercantile Exchange, after earlier trading as high as $67.42 a barrel. Crude last closed above $67 a barrel on Sept. 7, 2006, according to data from the Oil Price Information Service.
Gasoline futures rose 0.23 cent to end at $2.1927 a gallon.
Source : www.agweekly.com
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