From Bloomberg via Investors Daily:
Corn futures jumped the most in six months on concern that frost will hurt crops in parts of the U.S., the world's biggest producer. Soybeans and wheat gained.See also Tuesday's "Rabobank Calling the Bottom In Corn and Soy (but not quite yet)".
A hard freeze in the Canadian Prairies and frost in Montana, the Dakotas, Minnesota and northern Iowa may be as few as five days away, Chicago-based QT Weather said Friday in a note. Most growing areas in the Midwest probably won't have temperatures low enough to damage crops, according to the forecast. On Thursday, corn and soybeans dropped to four-year lows on the outlook for bumper crops.
"One of the risks is a potential freeze in the northwest Midwest, and while the risk appears small at this point, those models can change over the weekend," said Arlan Suderman, a senior market analyst at Peoria, Ill.-based Water Street Solutions.
Corn futures for December delivery rose 2.7% to close at $3.56 a bushel on the Chicago Board of Trade, the biggest gain for a most-active contract since March 4. Thursday, the grain touched $3.4375, the lowest June 30, 2010....MORE
