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CBOT corn ends choppy session higher on South American weather concerns

  • The US Department of Agriculture reported export inspections of US corn in the latest week at 1,544,460 tonnes, in line with trade expectations for 1.2 million to 1.8 million tonnes.
Published March 9, 2021
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CHICAGO: Chicago Board of Trade corn futures ended mostly higher on Monday after a choppy session as strength in soybean futures tied to worrisome South American weather forecasts overshadowed pressure from a firmer dollar, traders said.

  • CBOT May corn settled up 1-1/2 cents at $5.47 per bushel while new-crop December corn ended flat at $4.81-1/2, paring gains after reaching a life-of-contract high at $4.85-3/4.

  • Contract highs were set in all corn futures months other than the front three contracts.

    • The US Department of Agriculture reported export inspections of US corn in the latest week at 1,544,460 tonnes, in line with trade expectations for 1.2 million to 1.8 million tonnes.
  • Ahead of the USDA's monthly USDA supply/demand report on Tuesday, analysts surveyed by Reuters on average expect the government to lower its forecasts of US and global 20202/1 corn ending stocks.

  • However, traders are also looking ahead to the USDA's big US planting intentions and quarterly stocks reports on March 31.

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CBOT corn ends choppy session higher on South American weather concerns

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