Markets

Corn up on cold weather

(China Daily)
Updated: 2010-04-29 14:38

SINGAPORE - Corn rose for the first time in four sessions after a drop to the lowest price in three weeks spurred buying interest and on speculation that China will boost imports as cold weather threatens to damage crops.

Related readings:  China agriculture hammered by spring extreme weather   2 degree temperature rise may be long-term goal: Wen  Temperature drops to chill China's vast areas

Corn for July delivery climbed as much as 0.9 percent to $3.57 a bushel on the Chicago Board of Trade and was at $3.565 a bushel at 2:40 pm Singapore time. The price dropped to $3.515 on Tuesday, and lost 4.8 percent in the three sessions through Tuesday.

Nineteen of 34 traders and analysts surveyed from Chicago to Tokyo on April 23 said corn prices will rise this week, and 24 said soybeans will gain on concern over cold weather in China.

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