CBOT corn gains 1pc on technical buying

CHICAGO: Chicago Board of Trade corn futures rose nearly 1 percent on Wednesday, boosted by chart-based and bargain buying as prices continued to rebound from last week's 21-month low, traders said.

Steep gains in prices for soybeans, which compete with corn for plantings, also buoyed corn even as ample global grain supplies limited gains.

The US Department of Agriculture said exporters sold 247,912 tonnes of US corn to unknown destinations.

Ethanol futures rallied more than 1 percent after the US Energy Information Administration said US ethanol output declined from record rates seen last week. However, ethanol prices reversed lower, pressured by declines in crude oil and gasoline futures.