US corn futures firmed on Wednesday, notching their second straight positive close, as recent weakness that pushed prices to their lowest in a 1-1/2-month sparked buying interest on the export market, traders said. But the gains were kept in check by expectations for a bumper crop in South America flooding the world market with supplies in the coming weeks.
CBOT May corn hit technical resistance near the contract's weekly high of $3.65. Taiwan's maize industry procurement association MFIG purchased about 65,000 tonnes of corn likely to be sourced from the United States in an international tender. The corn was priced at a premium of 119.11 US cents c&f over the CBOT July contract.
The US Department of Agriculture's weekly export sales report, which will be released on Thursday morning, was expected to show export sales of corn between 700,000 and 1.2 million tonnes (old-crop and new-crop combined). A week ago, corn export sales totalled 834,169 tonnes.
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