CBOT corn edges higher as demand hopes outweigh US crop conditions
- CBOT September corn settled up 1/2 cent at $3.28 per bushel and new-crop December ended up 3/4 cent at $3.35-1/2 per bushel.
- Total corn export sales of 2.548 million tonnes were the biggest since March 2018 and in line with market forecasts that ranged from 1.9 million tonnes to 4.0 million tonnes.
CHICAGO: Chicago Board of Trade corn futures added slightly on Thursday as optimism over demand balanced strong crop conditions across the US Midwest that lead traders to anticipate large yields come harvest.
CBOT September corn settled up 1/2 cent at $3.28 per bushel and new-crop December ended up 3/4 cent at $3.35-1/2 per bushel.
Total corn export sales of 2.548 million tonnes were the biggest since March 2018 and in line with market forecasts that ranged from 1.9 million tonnes to 4.0 million tonnes.
US ethanol production in the week ended July 17 fell 2.5% on the week to 908,000 barrels per day (BPD), but the four-week average of 913,000 BPD is a new high for the pandemic era, slightly edging last week, according to data published on Wednesday by the US Energy Information Administration.
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