CHICAGO, June 8 (Reuters): US corn futures jumped more than 2 per cent on Friday in the strongest gains in a month on technical buying and short-covering after sinking to a three-month low the previous day.
Hard red winter wheat futures surged 3 per cent on concerns about adverse weather in some key production areas, including Russia's Volga Valley and the southern US Plains. The rally helped to lift soft red winter wheat from three-month lows.
Spot soybean futures fell while deferred months advanced as commodity index funds rolled their positions late in the session.
"We've taken significant value out of both corn and wheat," said Jefferies Bache analyst Shawn McCambridge. "This week the interest in continuing to push this market down was starting to wane."
Corn fell in each of the previous six sessions as benign conditions for recently planted maize have raised expectations for a record harvest this year.
Wheat has also been pressured as the northern hemisphere's harvest neared and as US supplies struggled to compete on the global market with cheaper grain from other origins.
US corn, wheat rally from 3-month lows on short-covering
FE Team | Published: June 09, 2014 00:00:00 | Updated: November 30, 2026 06:01:00
Share if you like