Chicago Board of Trade corn futures firmed on Thursday after the US Department of Agriculture (USDA) reported weekly export sales above trade expectations, although gains were clipped by largely favourable US Midwest crop weather, traders said.
Forecasters expect above-normal temperatures across much of the US Midwest into early autumn. The weather outlook lessened fears that some soybeans could get hit by yield-damaging frost. CBOT December corn settled 1-1/2 cents higher at $3.72-3/4 per bushel. The USDA reported net corn export sales last week above trade expectations at 1.467 million tonnes.
Grain futures were supported by hopes that recent goodwill gestures from Beijing, including some long-sought US soybean purchases, may move the United States and China closer to a deal to end the trade war. US and Chinese deputy trade negotiators resume face-to-face talks for the first time in nearly two months on Thursday.