Chicago Board of Trade (CBOT) corn futures firmed on Thursday, lifted by technical buying and spillover support from higher soyabeans, traders said. December corn rose 3-1/2 cents to close at $3.66-3/4 per bushel. The contract broke through chart resistance at its 20- and 100-day moving averages, accelerating buying, but the market failed to hold those gains.
Soyabeans rallied more than 3 percent on hopes for improved exports after US President Donald Trump said trade talks between the United States and China, the top soya importer, were "moving along nicely". Ample corn supplies continue to hang over the market as farmers are nearly finished harvesting a bumper US crop.
Export demand for US corn has been easing recently due to greater competition from suppliers in South America and the Black Sea region, traders said. The US Department of Agriculture said weekly export sales of corn were 399,500 tonnes, below analysts' forecasts, which ranged from 500,000 tonnes to 850,000 tonnes.
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