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Markets

CBOT corn hits 16-month peak on strong exports, dryness in South America

  • CBOT December corn ended 3/4 cent higher to $4.23-1/4 per bushel.
  • March corn futures ended a penny higher at $4.28-1/4 a bushel after peaking at $4.33-1/4,
21 Nov 2020

CHICAGO: Chicago Board of Trade corn futures rose on Friday to the highest since June 2019 on robust export demand and worries about crop prospects in South America, where dry conditions have slowed planting.

CBOT December corn ended 3/4 cent higher to $4.23-1/4 per bushel. The contract was up 3.1% in the week in its third straight weekly advance.

March corn futures ended a penny higher at $4.28-1/4 a bushel after peaking at $4.33-1/4, the highest point for a most-active contract since July 24, 2019. The contract was up 2.1% in the week.

Crop planting in Argentina has increased over the past week amid improved rains, but many parts of the country remain very dry.

The US Department of Agriculture (USDA) on Friday morning said private exporters sold 158,270 tonnes of US corn to Mexico and 131,000 tonnes to unknown destinations.

South Korean importers have also ramped up corn purchases. Traders are also watching for signs of further Chinese demand for US corn.