Chicago Board of Trade corn futures ended higher on Tuesday, clawing back some ground from last week's multi-year lows as traders covered short positions and farmer sales ground to a halt, traders said.
CBOT May corn settled up 3-3/4 cents at $3.47-1/4 per bushel after reaching a session high of $3.50-1/2.
The contract dropped last week to $3.32, a contract low and the cheapest price for a most-active futures contract on a continuous chart since September 2016.
Worries about poor ethanol profit margins cutting demand for corn, the main US ethanol feedstock, continued to hang over the market, capping rallies.
US ethanol producers are on track to shut about 2 billion gallons of annualized output by the end of this week because of a slump in demand for fuel, the head of the Renewable Fuels Association trade group said on Monday.
South Korea's Major Feedmill Group issued an international tender to purchase up to 68,000 tonnes of corn, European traders said.
Comments
Comments are closed for this article.