CHICAGO: Corn prices traded both sides of unchanged on Wednesday, but settled the day up, as a positive ethanol report offset pressure from favorable weather across the US Midwest, traders said.
US Midwest and northern Plains weather forecasts for rain and easing temperatures in the week ahead tempered concern about stressed corn after a recent hot, dry spell.
Ethanol output continues to increase and stocks of the corn-based fuel are decreasing, the US Energy Information Administration said in its weekly report, but not enough to instil confidence, traders said.
Weekly ethanol output increased to 841,000 barrels per day, with weekly stocks dropping to 21.35 million barrels.
CBOT July corn settled up 1-1/4 cents at $3.30-1/4 a bushel at the close of trading.
The United States will take action "early and often" to challenge violations of the new US-Mexico-Canada trade agreement once it takes effect July 1, US Trade Representative Robert Lighthizer told lawmakers on Wednesday.-
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