Corn futures at the Chicago Board of Trade turned firm early Wednesday, following the rally in the neighbouring soybean pit, traders said.
Both markets were recovering from Tuesday's late break. The floor was jammed with traders and the markets were active.
CBOT corn futures were 3 cents a bushel higher to a penny lower by 10:20 am CST (1620 GMT). May corn was up 2-3/4 at $2.98-1/2.
Refco Inc. was noted buying 300 May early, pit sources said.
Chicago soybeans were 9 to 11-1/2 cents higher in the nearbys.
After making a 6-1/2 year high, the corn market tumbled late in Tuesday's session, following the 40-cent drop in soybeans tied to rumours that China cancelled soyaoil purchases and a US firm was importing soyaoil.
Corn has followed soybean prices in the past week, trying to keep pace as beans soared to 15-1/2 year highs to encourage farmers to plant enough corn to meet expected 2004/05 demand.
Exports were routine overnight with South Korea issuing a tender to buy 52,500 tonnes of optional-origin corn.
But the US dollar's rise to year's highs against the euro, yen and Swiss franc on Wednesday was considered bearish for the grain markets. The dollar strength increases the price of exportable US commodities.
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