CHICAGO: Chicago Board of Trade corn futures rebounded on Wednesday after trading lower overnight as fund selling continued, traders said. CBOT most-active March corn settled 3 cents higher at $4.34-3/4 cents per bushel.
Benchmark CBOT March corn futures contract dropped below its 30-day moving average for the first time since Nov. 2 overnight. Fund selling weighed on corn futures, which hit a two-week low overnight. Traders continue to monitor South American weather, as recent rains in Argentina and southern Brazil offer hope of improved crop conditions.
US weekly ethanol output for the week ending Nov. 27 fell to 974,000 barrels per day, 16,000 barrels per day lower than the week prior, while stockpiles rose to 21.240 million barrels, the highest since mid-June, according to the US Energy Information Administration.
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