The prices of corn futures increased and even crude oil prices advanced. The increase in the corn prices also ensured that it increased the appeal of the corn in the market.
The corn prices for the month of December increased by 0.4% to reach $4.06 per bushel on the Chicago Board of Trade. It witnessed an increase after a decline of 0.6% yesterday. The prices of wheat also declined after reaching the highest levels in the last 22 months. They fell mainly due to reports that a lot of wheat was damaged in Russia due to the most severe summer in the last 130 years.
The prices of crude oil futures also increased and reached a three-month high and breached $81 per barrel after May. It increased mainly on reports that the pace of global economic recovery may be continued. Oil futures for September reached $81.59 per barrel in New York and increased by 0.3%.
A report from the Department of Agriculture in U. S. rated almost 71% of the corn crop in the U. S. as excellent. It is also the biggest grower and exporter of corn in the world.
Experts also caution that wheat futures may gain as most of the big whet exporters like Russia, Ukraine, Kazakhstan and the wheat producers in the Europe including France will cut supply. The drought in Russia is also expected to significantly reduce the global supply of wheat as Russia is the third largest exporter of wheat.