Chicago Board of Trade corn futures jumped 2.9% on Thursday, snapping a streak of three straight losing sessions. Traders noted a round of bargain buying after the most-active contract hit its lowest on a continuous basis since September 2016 on Wednesday as weakness in the energy market crushed demand from the ethanol sector.
The head of the Renewable Fuels Association biofuel trade group said on Thursday that "many" US ethanol plants have cut production over the past week, and some have idled completely as a result of slumping demand. There also was talk about Chinese buyers expressing interest in US corn but there were no signs of any deals being finalized, traders said. Weekly corn export sales totaled 960,600 tonnes, according to a US Agriculture Department report issued on Thursday morning. That was in line with market forecasts that ranged from 650,000 tonnes to 1.35 million tonnes.
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