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CHICAGO: Corn futures on the Chicago Board of Trade rose to a 2-1/2 week high on Thursday after the US Department of Agriculture reported higher-than-expected weekly US export sales of the grain, traders said.
March corn rose to $4.34-1/2 per bushel, its highest level since Jan. 13, before settling at $4.33-1/2. Traders noted major chart-based resistance at around $4.35.
USDA reported export sales of US corn in the latest week at more than 1.8 million tonnes for 2013/14 and 105,700 tonnes for 2014/15, well above trade expectations.
USDA also said private exporters reported sales of 127,000 tonnes of corn to unknown destinations for 2013/14.
Cash bids for corn were mixed in the interior US Midwest but an ethanol plant in Linden, Indiana, raised its spot corn basis bid by 10 cents a bushel, seeking supplies ahead of snowfall expected next week.
The London-based International Grains Council raised its estimate of 2013/14 global maize production to 959 million tonnes, from 950 million previously. The IGC pegged 2013/14 maize ending stocks at 158 million tonnes, up from 157 million previously.
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