CHICAGO: Chicago Board of Trade corn futures rallied to the highest level in more than a year on Tuesday after the US Department of Agriculture (USDA) cut its US crop forecast and lifted demand in a monthly report.
CBOT December corn ended 15-1/2 cents higher at $4.23 per bushel after rising to a contract high of $4.27-1/4, the loftiest level for a most-active contract since July 26, 2019.
March corn futures also posted a contract high.
The USDA cut its 2020/21 US corn yield and harvest outlook, raised exports and slashed ending stocks to the lowest level in seven years.
The USDA also nearly doubled its corn import outlook for China.
In a daily export sales announcement on Tuesday, the USDA said private exporters sold 130,000 tonnes of US corn to South Korea.