Chicago Corn Surges to 13-Month High on Drought Concerns, Tight U.S. Supplies

Chicago corn futures resumed their rally on Thursday, driven by heightened drought worries in Argentina and tight U.S. inventories, pushing prices to their highest in over 13 months, traders said.

* Soybean futures also advanced, hovering near a six-month high, as traders weighed weather prospects for South American crops and the impact of China suspending some shipments from Brazil. Wheat gained in sympathy with corn and soybeans.

* Market players continued to monitor developments surrounding President Donald Trump's plans to impose tariffs on major trading partners, which, if implemented, could roil commodity markets.

* The most-active Chicago corn contract was last up 8.25 cents at $4.9250 a bushel, as of 1620 GMT. It earlier reached $4.9350 a bushel, the highest for a continuous contract since Dec. 6, 2023.

* Wheat gained 2.75 cents to $5.5650 a bushel, also supported by concerns about cold damage to dormant winter wheat in parts of the United States.

* Soybean futures added 11.75 cents to $10.6775 a bushel, with weather concerns remaining in focus.

* However, worries about excessively dry weather denting Argentina's soybean crop may be offset by expectations for a record Brazilian soybean harvest, traders said.

* Forecasts point to some rain in Argentina's parched growing belt over the next week, although high temperatures could limit the benefit to the plants.