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Corn Rallies as Low Prices Attract Buyers

July 30, 2013 at 9:08 by Vladimir Vyun

Corn rallied today as low prices attracted buyers. Futures on the agricultural commodity have lost 32 percent this year. The decline was caused by speculations that harvest will jump to 13.95 billion bushels, compared to 10.78 billion bushels in 2012 when drought reduced output to the lowest level in six years. At the same time, there are concerns that late planting made crops vulnerable to early frosts.

The general mood on the markets is a bit nervous as traders wait for the Federal Reserve to announce its decision regarding monetary policy. Trading is subdued as market participants do not want to risk ahead of the major announcement.

Futures for delivery of corn in December rallied $0.0350 (0.74 percent) to $4.7675 per bushel as of 8:56 GMT on CBoT today.

If you have any questions and comments on the commodities today, use the form below to reply.

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