Corn headed for the biggest weekly surge since May 2013 as rains delayed the harvesting of a record crop in the U.S., the top grower. Wheat rose to a five-week high and soybeans headed for the largest weekly gain in 14 months.
Corn for December delivery climbed as much as 1 percent to $3.5575 a bushel on the Chicago Board of Trade and was at $3.54 at 9:52 a.m. in Singapore. Futures are 6 percent higher this week higher, heading for a third straight advance and biggest weekly gain since the period ended May 3, 2013.
While drier weather is expected to continue in the Midwest and improve conditions, it will take a while for fields to dry enough to allow harvesting to accelerate, DTN said in a report yesterday. As of Oct. 12, 24 percent of the corn crop was harvested, compared with the average of 43 percent over the past five years, the U.S. Department of Agriculture said Oct. 14. Farmers are set to collect a record 14.475 billion bushels of corn this year, with soybean output at an all-time high of 3.927 billion bushels, the USDA forecast Oct. 10.
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