Corn futures at the Chicago Board of Trade were higher on Thursday on fund buying and on a big number for corn in USDA's weekly export sales report, traders said.
At 11:29 am CST (1729 GMT), CBOT corn was up 2-1/2 to 6-1/2 cents per bushel, with December up 3 at $3.57-1/2 per bushel. March was up 4-1/2 at $3.72-3/4 per bushel.
USDA in its weekly export sales report on Thursday said 1,510,300 tonnes of US corn were sold for export last week, slightly above trade estimates for 1,300,000 to 1,500,000 tonnes.
Importers also booked 110,000 tonnes of corn for the next marketing year (2007/08), a bullish market factor, they said. Gains may have been slowed by trade reports that Memphis-based analytical firm Informa Economics forecast 2007 US corn acreage at 85.922 million, above the 2006 acreage of 78.6 million.
Cash basis bids in the Midwest on Thursday were mostly steady with a weak undertone due to some farmer selling earlier in the week. Oat futures were up 1 to 2 cents per bushel, with March up 2 at $2.65-1/4 per bushel.
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