US corn futures surged 3.2 percent to their highest level in more than 2-1/2 years on Thursday as strong export demand raised the prospect of a further erosion of tight US stocks, traders said. A bullish tone over the market helped spark heavy fund buying after prices fell for two straight days.
The benchmark Chicago Board of Trade March corn contract settled up 22-1/4 cents at $7.12-3/4 per bushel. Contract highs hit in several months, front-month contract trades at highest level since July 7, 2008. Funds bought an estimated net 15,000 contracts. Corn to lead commodities rally, test 2008 peak - FC Stone.
China mulls import tax cuts to tame food inflation. USDA's export sales report showed net export sales of US corn last week at 1,168,700 tonnes, above estimates for 800,000 to 1,100,000 tonnes. Exporters sell 101,600 tonnes US corn to Japan for 2010/11 delivery - USDA.
Comments
Comments are closed for this article.