Chicago Board of Trade corn futures ended higher on Thursday and the bellwether March contract notched a one-week top on renewed hopes for a US-China trade agreement, along with news of fresh export sales to Mexico, traders said.
CBOT March corn settled up 6-1/2 cents at $3.77-3/4 per bushel after reaching $3.80-1/4, its highest since December 4. Grain futures as well as crude oil futures and Wall Street equity markets rose after President Donald Trump said the United States was "very close" to reaching a trade deal with China.
After the CBOT close, Bloomberg TV and Reuters reported that the United States had reached a deal in principle with China. The US Department of Agriculture confirmed that private exporters sold 1,600,200 tonnes of US corn to Mexico, including 1,074,420 tonnes for delivery in the 2019/20 marketing year begun September 1 and 525,780 tonnes for 2020/21.
It was the fifth-biggest daily US corn sale on record. In addition, the USDA reported export sales of US corn in the week ended December 5 at 876,000 tonnes (old and new crop years combined), topping trade expectations for 400,000 to 800,000 tonnes.
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