By Tom Polansek
CHICAGO (Reuters) – Corn and wheat futures on the Chicago Stock Exchange rose on Wednesday as hot, dry weather in parts of the United States and Europe kept tension over harvest risks, while soybeans closed lower. after reaching highs in contracts.
Traders also adjusted positions ahead of the US Department of Agriculture’s (USDA) monthly supply and demand report on Friday. The government is expected to lower its outlook for US corn production, according to a Reuters poll of analysts.
“The weather in late August is still a big concern and could reduce some of the US yield potential,” said Tomm Pfitzenmaier, an analyst at Summit Commodity Brokerage. “Given the problems in various areas of the country, commerce is trying to determine how low the US yield might be.”
The most active December corn contract rose 4.50 cents at $6.1850 a bushel after hitting $6.28, the highest since July 29.
Wheat advanced 22 cents to $8.0350 a bushel.
Chicago August soybeans were down 4.50 cents at $16.8875 a bushel, pulling back after hitting a contract high of $17.3075 as traders booked profits and exited long positions.
(Reporting by Tom Polansek in Chicago, Gus Trompiz in Paris and Naveen Thukral in Singapore)
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