Chicago Board of Trade corn futures ended higher Tuesday on a technical bounce after the July contract fell to two-month low, traders said. CBOT July corn settled up 3 cents at $3.83-3/4 a bushel after dipping to $3.80, its lowest since March 23.
New-crop December corn ended up 2-3/4 cents at $4.04 a bushel. Rally capped by mostly favourable US weather and strong crop condition ratings.
The US Department of Agriculture late Monday rated 78 percent of the corn as good to excellent, down from 79 percent a week earlier but still among the highest US corn ratings for this time of year in records dating to the 1980s. South Korean feed makers have been aggressive buyer of corn in recent days. Nonghyup Feed Inc bought about 65,000 tonnes of corn in a private deal, bringing reported buying by Korean importers during the day to 330,000 tonnes.
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