Corn Set for Biggest Weekly Gain in 7 Months
U.S. government data shows fourth straight weekly increase in ethanol production
U.S. corn futures rose for a fifth consecutive session on Friday as concerns about adverse weather impacting crops pushed the grain towards its biggest weekly gain in more than seven months, reports Reuters.
Corn was up 0.5% at $3.29 a bushel by 0106 GMT after rallying more than 2% on Thursday, when prices hit their highest since April 23 at $3.30-3/4 a bushel.
Corn drew some support from U.S. government data showing a fourth straight weekly increase in ethanol production and a drop in ethanol stocks to the lowest since January.