US corn futures closed higher on Thursday amid suport from higher soybeans and crude oil, a weak dollar and wet/cool weather in the US Midwest that is slowing emergence of the 2009 US corn crop. July was up 5-1/4 cents per bushel at $4.41.
Funds bought 5,000 lots. USDA said export sales of US corn last week 863,000 tonnes (713,100 tonnes old-crop), above estimates for 650,000 to 850,000 tonnes. Rainfall in the southern and eastern areas of the US Midwest slowing soy seeding and hampering emergence of the corn crop but the moisture is favourable for growing crops elsewhere. Corn price to climb unless weather turns perfect.
Tight supplies of US soy, corn to boost prices. China COFCO has 200,000 tonnes of quotas to export corn to Taiwan. Argentina corn output seen at 13.3 million tonnes, down 40 percent for previous year -Rosario exchange. Cash corn bids firm around US Midwest early Thursday. Farmers booking some sales of old-crop supplies. CBOT July oats closed up 3 at $2.44-1/2.
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