CHICAGO: Chicago Board of Trade corn futures rose on Thursday, rebounding from two straight negative sessions on a technical bounce, traders said. The benchmark CBOT March corn futures contract found support at its 30-day moving average, a level it has not dipped below since Dec. 17, 2020.
The contract rose above its 20-day moving average during the session before running into resistance as it neared its 10-day moving average. The US Agriculture Department said that corn export sales totaled 1.461 million tonnes in the week ended Feb. 4, in line with market forecasts for 1 million to 1.8 million tonnes.
Turkey's state grain board TMO provisionally bought about 235,000 tonnes of corn, likely from the Black Sea region, in an international tender, European traders said.
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