CHICAGO: US corn futures erased losses to rise more than 1 percent on Thursday as oil rebounded, with a weaker dollar and talk of China seeking to buy supplies from the United States supporting the market.
Traders said grain companies actively bought corn futures after prices fell the 30-cent trading limit on Wednesday.
Wheat futures fell more than 2 percent and touched the lowest level in nearly two months, while soybeans also turned higher, rising 1.5 percent on support from oil and the dollar.
CBOT July wheat fell 16 cents to $7.43 per bushel, while July soybeans were up 16-1/4 cents at $13.48.
A Chinese delegation in Argentina was seeking to buy 300,000 to 400,000 tonnes of soyoil and to discuss a possible purchase of corn, traders said on Thursday.
US corn export sales week rebounded from the previous week's 6-1/2 month low as sinking prices rejuvenated demand from some traditional buyers, according to USDA data released early on Thursday.
Soybean exports rebounded from a 14-month low while wheat export sales were roughly flat from the previous week,
Japan, the world's top importer of US corn, bought 175,300 tonnes of old-crop corn and 10,900 of new-crop, while No. 3 buyer South Korea purchased 110,100 tonnes, USDA data showed.
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