Chicago Board of Trade corn futures held onto small gains on Tuesday but finished below seven-month highs hit earlier amid chart-based buying and strong global demand for US supplies, traders said. Most-active CBOT May corn hit a session peak of $3.95-1/4 per bushel before settling at $3.91-3/4, up only 1 cent. Prices trimmed gains at midday and wheat futures turned lower as weather models showed increased chances for precipitation in the parched US Plains wheat belt.
Drought in Argentina, the No. 3 global corn exporter, has pushed world demand for corn to the United States. South Korean importers bought over 1 million tonnes of corn in the past week, much of it from the United States, European traders said. The US Department of Agriculture separately announced a sale of 210,000 tonnes to South Korea of corn that could be US grain or shipped from another country.
The CME Group reported 441 CBOT March corn deliveries. Wells Fargo customer accounts issued 434 lots and the Term house account stopped 418. CME Group data separately showed corn open interest at a record of more than 1.8 million futures contracts during Monday's session.
Comments
Comments are closed.