CHICAGO: Chicago Board of Trade corn futures closed higher on Tuesday on bargain buying, following a choppy session as traders adjusted positions ahead of key acreage and stocks reports due later this week from the US Department of Agriculture, traders said.
CBOT September corn settled up 1-3/4 cents at $3.61-1/4 a bushel while new-crop December ended up 1-3/4 cents at $3.73-1/4.
Rallies capped by ample rains in the US Corn Belt and worries about ongoing trade tensions.
The USDA late Monday rated 77 percent of the US corn crop as good to excellent, down from 78 percent the previous week but still among the highest ratings on record for this time of year.
Ahead of the USDA's acreage report on Friday, analysts surveyed by Reuters on average expect the government to raise its estimate of US 2018 corn plantings to 88.562 million acres, up from its March forecast of 88.026 million.
Analysts also expect the USDA on Friday to report US June 1 corn stocks at 5.268 billion bushels, the highest June 1 figure since 1988.
Market showed little reaction to news that the US Environmental Protection Agency proposed setting a biofuels blending mandate of 19.88 billion gallons for 2019 under the Renewable Fuel Standard, in line with expectations.
Comments
Comments are closed for this article.