Corn futures on the Chicago Board of Trade closed flat to firm on Wednesday in choppy trading with a limit up move in wheat providing late support, traders said. Traders said position-squaring was noted before the US Thanksgiving holiday on Thursday, and the corn market also found underlying support from a fall of the dollar to fresh record lows.
CBoT corn closed unchanged to 3-1/4 cents per bushel higher, with December up 3/4 cent at $3.82 per bushel. Volume was light, estimated by the CBoT at 102,090 corn futures and 14,902 options.
Corn continues to garner strength from ongoing aggressive export sales of US corn as the dollar spirals downward, making US commodities attractive on the global stage.
USDA early on Wednesday said US exporters sold 100,000 tonnes of corn to South Korea. Taiwan bought 29,000 tonnes of US corn on Wednesday and also bought 16,000 tonnes of soy, export sources said. Weather has moved to the background as a market factor since the US corn harvest is winding down.
Rain and snow in the eastern US Midwest late this week may slow final harvesting but the precipitation will add to soil moisture reserves ahead of the 2008 US crop seeding season next spring. Cash basis bids in the Midwest were firm amid slow farmer selling.
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