CHICAGO: Chicago Board of Trade corn futures climbed to six-month highs on Wednesday on spillover strength from soyabeans and crude oil, as well as fund-driven buying in agricultural commodities, traders said. CBOT December corn settled up 5-3/4 cents at $3.71-3/4 per bushel after reaching $3.72, the contract's highest since March 16, in late moves.
Soyabean futures led the way up, buoyed by continued export sales of US soybeans to China. The US Energy Information Administration said weekly production of corn-based ethanol fell in the latest week to 926,000 barrels per day, while stockpiles fell to 19.798 million barrels, the second-lowest since January 2017.
Ahead of the USDA's weekly export sales report on Thursday, traders expected the government to report export sales of US corn in the week ended Sept. 10 at 800,000 to 1,900,000 tonnes. Ukraine's APK-Inform agriculture consultancy cut its estimate for Ukrainian 2020/21 corn exports to 28.5 million tonnes, citing drought.
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