CBOT corn ends up on Chinese purchases; US weather caps rally
- CBOT September corn settled up 1/4 cent at $3.15-3/4 per bushel while most-active December ended up 1/2 cent at $3.26-3/4
- The USDA also confirmed sales of another 130,000 tonnes of corn to unknown destinations.
CHICAGO: Chicago Board of Trade corn futures ended fractionally higher on Thursday on news of a massive US corn sale to China, but rallies were capped by benign crop weather that stoked expectations of a large US harvest, traders said.
CBOT September corn settled up 1/4 cent at $3.15-3/4 per bushel while most-active December ended up 1/2 cent at $3.26-3/4, after matching Wednesday's one-month low of $3.26.
The US Department of Agriculture through its daily reporting system said private exporters sold 1.937 million tonnes of corn to China, the Asian country's largest single-day purchase of the US feed grain.
The USDA also confirmed sales of another 130,000 tonnes of corn to unknown destinations.
Yet in its weekly export sales report, the USDA said US corn sales in the week ended July 23 totaled 609,400 tonnes (old and new crop years combined), at the low end of trade expectations for 600,000 to 1.550 million tonnes.
China's National Grain Trade Center reported sales of 4,014,334 tonnes of 2014 and 2015 domestic corn at an auction of state reserves, representing 100% of total amount offered.
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