Corn holds at highest since 2013, soybeans hit $15 on supply strains

Corn holds at highest since 2013, soybeans hit $15 on supply strains

PARIS/SINGAPORE- Chicago corn futures gained more ground on Thursday, with prices holding around eight-year highs, as cold weather in the United States and dryness in Brazil raised doubts about whether next harvests will replenish declining stocks.Soybeans breached the $15 a bushel threshold to set another near seven-year high, as concern over U.S. planting added to tensions across oilseed markets.Wheat also extended gains to approach a near seven-year peak, supported by unfavourable weather in North America and the prospect of high corn prices boosting demand for wheat in livestock feed.The Chicago Board of Trade (CBOT) May corn contract was up 1.0% at $6.32 a bushel by 1146 GMT, having earlier climbed to $6.37-1/2, the highest front-month price Cc1 since mid-2013."This (rally) is because corn is in short supply and is likely to remain so in 2021/22," Commerzbank said in a note. "There seems to be no end to the news to this effect."Cold weather this week in the United States could slow the germination of newly seeded corn, while showers in the Midwest forecast for next week could slow ongoing planting. In Brazil, developing drought in southern Brazil was adding to question marks over the country's heavily exported second corn crop, after