Chicago Board of Trade corn futures closed higher on Thursday on short-covering following a technical selloff that started on Monday and continued through mid-week. USDA's weekly export sales report on Thursday showed US export sales of corn last week at 917,100 tonnes, above estimates for 650,000 to 850,000 tonnes.
The Taiwan Sugar Corp has purchased 23,000 tonnes of US corn and 12,000 tonnes of US soyabeans in a tender for the same volume which closed on Thursday, European traders said. Traders said concern about a slowdown in economic growth in China and Europe limited gains. The euro fell on Thursday after weak euro zone data revived worries about a recession in the region and disappointing data from China dented the higher-yielding Australian dollar.
Rainfall moved through portions of the Midwest this week delaying early spring fieldwork but also adding valuable soil moisture ahead of the 2012 corn, soyabean and spring wheat planting season. Drier weather is expected next week and temperatures will return to unseasonably high levels of the 60s F and 70s F in the Midwest and the 70s F and low 80s F in the Plains. - World Weather Inc. The July/December was at 87-1/2 cents, premium July and the December corn/November soya ratio was 2.36. Key support for May at its 50-day moving average at $6.43, then at its 100-day ma $6.38-1/4. The nine-day RSI was at 44.