Indications about the possibility of droopy prices driving demand for U.S. supplies pushed up the price of corn futures on Tuesday, Bloomberg reports.
Also benefiting the grain was economic data indicating inspections at ports in the U.S., the globe's biggest grower, surged 49 percent for week-ended October 25 to amount to 15.5 million bushels, according to the U.S. Department of Agriculture. The grain is coming off last week's decreases, which slightly surpassed 3.1 percent and augment losses since August that were caused by the worst drought in more than 50 years.
The U.S. had "quite an impressive inspections result" for the grain, analyst Ker Chung Yang with Phillip Futures Pte. in Singapore told the news source on Tuesday. "It's one of the factors that will support prices."
At 7:56 a.m. on Tuesday, corn futures increased 0.68 percent, a 0.05 cent gain to $7.42 per bushel.
Tuesday's gains continue increases achieved Monday despite the reduced pace of trading as Hurricane Sandy barreled up the Eastern Seaboard, The Wall Street Journal reports. Analysts and traders were waiting on economic data that will reveal the size of the harvest in the U.S.
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