Corn price rises after US forecasts strong demand

AP News
Posted: Nov 08, 2013 5:44 PM

Corn futures are rising after the U.S. forecast higher demand for the grain than traders were expecting.

Corn for December delivery rose 6.25 cents to $4.2675 a bushel Friday. Corn is still down almost 40 percent this year on concerns about oversupply created by huge harvests.

The U.S. Department of Agriculture said Friday it expects a record 13.99 billion bushels to be harvested, more than the September forecast of 13.8 billion bushels.

The U.S.D.A. also forecast greater demand for feed corn and for exports than the market had expected, said Brandon Marshall, commodity trader with Northstar Commodity in Minneapolis. Farmers were also planning to harvest fewer acres than the market expected, Marshall said.

Soybeans rose, while wheat slipped.

Crude oil rose, and gold fell.