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.