Corn futures on the Chicago Board of Trade closed higher on Tuesday, snapping a six-session slide and rebounding from a two-month low on fresh export sales and bargain-buying, traders said. CBOT May corn settled up 1-1/4 cents at $3.62-1/4 per bushel, rallying after falling to $3.60 earlier in the session, its lowest since January 12.
The spot March contract expired quietly at $3.53-3/4 a bushel, down 3/4 cent on the day. Chinese importers have booked at least three cargoes of US corn, totalling about 195,000 tonnes, for shipment in the late spring to early summer from the Pacific Northwest, export traders said. The US Department of Agriculture said private exporters sold 120,000 tonnes of US corn to Mexico for 2017/18 delivery.
A survey of growers by Allendale Inc, an Illinois-based research and brokerage firm, projected US 2017 corn plantings at 90.018 million acres, down from 94.004 million last year. The CBOT reported 49 deliveries against the expiring March corn futures contract.
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