Chicago Board of Trade corn futures ended higher on Tuesday on bargain-buying after a three-session slide and spillover strength from a rebound in US equity markets and crude oil futures, traders said. Oil and global equity markets recovered after the prior day's rout as the world's biggest economies moved to cushion the impact of the coronavirus.
CBOT May corn settled up 4-3/4 cents at $3.77-1/2 per bushel. The US Department of Agriculture (USDA) in a monthly supply/demand report left its forecast of US corn inventories at the end of the 2019-20 marketing year unchanged at 1.892 billion bushels. The USDA left its estimates of corn production in Argentina and Brazil unchanged from last month at 50 million tonnes and 101 million tonnes, respectively.
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