Corn futures rise amid crisis in Japan
Japan, the largest importer of U.S. corn, may need to purchase more to guarantee food supplies following last week’s devastating earthquake and tsunami. Corn, wheat and soybean futures rose on speculation that Japan will ratchet up grain purchases once ports and milling operations reopen, Bloomberg reported. Corn for May delivery rose 1.75 cents, or 0.3 percent, to close at $6.66 a bushel at 1:15 p.m. Monday on the Chicago Board of Trade.
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