(Bloomberg) – Corn and soybeans rose, erasing earlier declines, on speculation that adverse weather will reduce yield potential in Argentina and Brazil, boosting demand for U.S. supplies.
Corn futures for March delivery rose 0.7 percent to $5.83 a bushel on the Chicago Board of Trade, after earlier dropping as much as 0.3 percent. The most-active contract was down 1.9 percent for the week. Yesterday, the price touched $5.7625, the lowest since Oct. 3.
Soybean futures for March delivery climbed 1.1 percent to $11.335 a bushel on the CBOT, bringing the gain this week to 2.4 percent. Earlier, the price fell as low as $11.21.
Wheat rose for the first time in three days on speculation that demand for U.S. grain will rebound from domestic processors, importers and speculators after prices slid to a 16- month low.
