Corn lingers around over one-week high on strong export demand
- The sales came after the USDA on Monday reported one of the strongest weeks of corn export inspections on record.
CANBERRA: US corn futures rose on Wednesday, as strong demand for US supplies kept prices around a more than one-week high hit in the previous session.
FUNDAMENTALS
The most active corn futures on the Chicago Board Of Trade were up 0.1% to $5.54-3/4 a bushel by 0248 GMT, after gaining 0.9% on Tuesday when prices hit a March 8 high of $5.55-1/2 a bushel.
The most active soybean futures were down 0.1% to $14.21-1/4 a bushel, after firming 0.3% in the previous session.
The most active wheat futures were up 0.1% at $6.47-1/2 a bushel, having closed up 1% on Tuesday.
The US Department of Agriculture (USDA) on Tuesday confirmed US corn sales to China totalling 1.156 million tonnes, the highest since January.
The sales came after the USDA on Monday reported one of the strongest weeks of corn export inspections on record.
Russia is prepared to stop interfering in the regulation of grain exports when the market stabilises, the Interfax news agency cited Agriculture Minister Dmitry Patrushev as saying on Tuesday.