Chicago corn and soybean futures both climbed for the fourth session in a row on Tuesday, fueled by aggressive buying from fund and end-users, who were worrying this year's U.S. crop may turn out smaller than expected. Wheat eked out a 0.1 percent gain.
The most active corn contract for December delivery surged 23. 25 cents, or 4.2 percent, to 5.79 U.S. dollars per bushel. Earlier the price hit 5.8425 dollars, the highest level since August 2008. December wheat added 0.75 cents, or 0.1 percent, to 7.1 dollars per bushel. November soybean jumped 26 cents, or 2.3 percent, to 11.785 dollars per bushel.
Traders mainly attributed corn's rally to strong buying from fund and residual support from USDA's Crop Production report released last Friday, in which USDA drastically slashed corn production down to 12.664 billion bushels, carry-over down to 902 million bushels, which were much worse than most traders had expected.
"Corn futures had a record volume of 570,038, soybean futures also were hitting a record 366,792 contracts in the previous session," said Frank Lesh, an analyst with Future Path Trading.
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