Chicago Board of Trade corn futures ended fractionally higher on Wednesday in largely technical trade, with the lead May contract staying inside of Tuesday's trading range, brokers said. CBOT May corn settled up 1/2 cent at $3.75 per bushel, holding above chart support at its 50-day moving average near $3.73. The US Energy Information Administration said weekly US output of corn-based ethanol fell to 1.05 million barrels per day, while stocks of the biofuel fell to 23.76 million barrels.
The US Department of Agriculture said private exporters sold 138,000 tonnes of US corn to South Korea for delivery in the 2017/18 marketing year. Ahead of the USDA's weekly export sales report on Thursday, analysts expected the government to report weekly corn export sales at 1.5 million to 2.4 million tonnes (old and new crop years combined).
Comments
Comments are closed.