US corn futures on the Chicago Board of Trade ended firm on Thursday, supported by spillover buying from the strength in other commodities, traders said. The dollar falling to a record low, the rally in New York April gold to over $1,000 an ounce and US crude oil futures hitting $110 per barrel - both all-time highs - were buy signals for CBOT commodities.
Investors remain attracted to commodities, looking for markets to hedge themselves against inflationary times. CBOT March corn, which expires on Friday, ended 3 cents higher at $5.59-3/4 a bushel. May closed 2-1/4 higher at $5.69-1/2 and new-crop December settled 4-1/4 higher at $5.83-1/4.
Commodity funds bought about 2,000 contracts, traders said. Volume was on the lighter side in futures, estimated at 160,730 contracts, and moderate in options at 75,313. Strong weekly export sales data was also supportive. USDA reported that 1,226,000 tonnes of US corn (768,800 tonnes old-crop sold) sold for export last week.
The tally was above trade estimates for 700,000 to 1,000,000 tonnes. Spot Midwest basis bids for corn were slipping as dealers discouraged fresh sales, they said. Sales were quiet Thursday but there were reports of active movement of grain earlier this week. Overnight, there were 313 March corn deliveries with a Man customer stopping 141 lots.