CBOT corn gains on Chinese market surge
- Most-active CBOT December corn ended up 6-1/4 cents at $4.03-3/4 per bushel, after reaching $4.04-1/4, it's highest since August 12, 2019.
- China's agriculture ministry said that the country's corn planting acreage had remained "basically stable" this year.
CHICAGO: Chicago Board of Trade corn futures lifted on Thursday to 14-month highs on support from China's Dalian corn market, traders said.
Most-active CBOT December corn ended up 6-1/4 cents at $4.03-3/4 per bushel, after reaching $4.04-1/4, it's highest since August 12, 2019.
China's corn futures hit a record high on Wednesday as investors bet on higher prices for the grain because of crop damage from typhoons this year. The gains make US corn more attractive for import, traders said.
China's agriculture ministry said that the country's corn planting acreage had remained "basically stable" this year, despite the recent typhoons.
South Korea purchased about 60,000 tonnes of corn expected to be sourced from Brazil in an international tender Thursday.
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