Preoccupations about inclement weather in the globe's third-largest exporter of corn pushed up prices of the grain on Monday, according to Bloomberg.
Corn futures rose from their lowest value in roughly 180 days amid reports of heavy rain in Argentina. Conjecture about five weeks of drops drawing the interest of buyers benefited the price of wheat futures.
"The weather is still getting some attention," agricultural analyst Victor Thianpiriya with Australia & New Zealand Banking Group told the news source regarding Argentina on Monday, noting neighboring Brazil is forecast to cover for crop losses due to rain.
"From a competitive point of view, the U.S. wheats are now the least expensive in the world, and this should be confirmed in the coming weeks through the export numbers," according to farm advisor Agritel of Paris.
At 8:37 a.m. on Monday, corn futures gained 0.37 percent, a 0.025 cent lift to $6.8275 per bushel. At 8:36 a.m., wheat futures climbed 0.43 percent, a 0.0325 rise to $7.505 per bushel.
By early next month, Iran is set to receive roughly 100,000 tons of wheat from Pakistan, according to Radio Free Europe Radio Liberty.
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