CHICAGO: Chicago corn futures traded higher on Wednesday after easing earlier in the day as traders anticipated strong export sales would continue.
Soyabeans also moved higher, while wheat fell as global markets grappled with ample supplies and the impact of Russia’s export tax.
Attention was also turning to the US Department of Agriculture’s monthly supply and demand report on Feb. 9 to see how the USDA factors in last week’s multi-million tonne sales of US corn to China.
The most-active corn futures on the Chicago Board Of Trade were up 6 cents at $5.49 per bushel by 11:45 a.m. (1718 GMT)
CBOT soyabean futures gained 12 cents to $13.66-3/4 per bushel, while CBOT wheat shed 1/2 cent to $6.44-1/4 per bushel.
The USDA’s weekly export sales report, due Thursday morning, is expected to show record corn sales, but much of that could already be factored into the market, said Tom Fritz, commodity broker at EFG Group.
The USDA could tighten its forecast of US soyabean ending stocks in that report, despite a lack of daily sales notices, said John Zanker, market analyst at Risk Management Commodities, noting that soyabean futures could still climb higher.
Grain markets remained underpinned by risks to South American supply.
Argentine agricultural exports were disrupted on Wednesday as truckers blocked roads around the Buenos Aires ports of Bahia Blanca and Quequen and authorities cleared roads near the country’s main export hub of Rosario.
In Brazil, a rain-hampered start to the soyabean harvest was also raising doubts about how soon Brazilian exports will be available to help meet Chinese demand.