(Businessweek) – Corn extended its first monthly gain since August, advancing to the highest level in three weeks amid increasing demand for supplies from the U.S., the world’s biggest grower.
The contract for March delivery rose as much as 0.4 percent to $4.355 a bushel on the Chicago Board of Trade, the highest since Jan. 13, and was at $4.345 at 10:12 a.m. in Singapore. Prices climbed for a second week last week, capping a 2.8 percent gain in January.
U.S. exporters sold 110,000 metric tons to Spain for delivery by Aug. 31, the U.S. Department of Agriculture said on Jan. 31. The USDA last week reported an additional sale of 110,000 tons to Spain, as well as sales of 127,000 tons and 119,888 tons to unknown destinations. The agency is scheduled to release its weekly export inspections report today.
Global production will total a record 966.9 million tons in 2013-2014, according to the USDA.
Soybeans for March delivery declined 0.2 percent to $12.8025 a bushel. Wheat for delivery in March rose 0.2 percent to $5.5675 a bushel.
