Chicago Board of Trade corn futures recovered from early-session losses and closed near unchanged on Wednesday, underpinned by improving US export demand. Benchmark CBOT March corn ended steady at $3.61-1/2 a bushel.
Concerns about lower crop yields in drought-hit Argentina and delayed winter corn seeding in Brazil had lifted the market to 2-1/2-month peaks on Tuesday before profit-taking dragged down prices at midweek. Some forecasts are calling for much-needed moisture in Argentina's crop belt toward mid-February. US corn export sales have accelerated as the grain is the cheapest feed grain available in the world, traders said. The US Department of Agriculture confirmed 145,000 tonnes in sales to unknown destinations on Wednesday in the sixth daily sales announcement in seven days.
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