US corn futures on the Chicago Board of Trade climbed on Thursday on spillover buying from soybeans and wheat, traders said. March corn ended 14 cents per bushel higher at $5.11. The deferreds ended 4 to 13-3/4 cents up. "The strength in beans created a technical breakout in corn," one CBOT floor broker said.
The nearby soybean market ended roughly 40 cents per bushel higher, sparking corn to rally. Both commodities are in a battle for US acres to be planted this spring - so when one climbs the other follows, traders said.
Wheat was also strong, with the March contract up 40-1/2 cents at $10.32 a bushel amid good export interest and the rally in the Minneapolis wheat market. Corn volume was large estimated at 228,532 futures and 61,750 options.
Weekly export sales data was supportive. USDA reported before the open that last week's US corn export sales were 980,300 tonnes (932,400 tonnes for old-crop), within estimates for 800,000 to 1,000,000 tonnes.
Reports of soaring demand for food and feed in China following the worst winter storm there in 50 years added to the day's buying spree in CBOT markets, traders said.
That storm and China's return to the global market following the Lunar New Year was giving the vegoils markets a big boost, including soybeans, and corn was garnering spillover support. Crop weather in Argentina, the No 2 corn exporter, was favourable for late-filling corn, DTN Meteorlogix weather said.
The oat market climbed in step with the other CBOT markets, notching an all-time of $3.94-3/4 in the December contract, breaking the previous high of $3.94 made in the summer of 1988. The nearby March contract ended 10-1/2 cents higher at $3.54-1/2. The rally attracted commercial hedge sales, traders said. Oat volume was moderate estimated at 1,506 futures and 106 options.