Friday, 27 March 2015 02:21
CHICAGO: Chicago Board of Trade corn futures jumped to the highest levels since Feb. 20 on Thursday, then reversed course to shed about 1 percent on pressure from investor profit taking tied to a rebound in the dollar, traders said.
The dollar index was up 0.4 percent after earlier falling to a three-week low. The dollar is still hovering near a 12-year peak against a basket of currencies, making goods priced in the greenback less attractive in international markets.
The US Department of Agriculture said corn export sales in the week ended March 19 totaled 434,953 tonnes, near the low end of analysts’ expectations. The sales included a purchase of 60,831 tonnes by China, the largest sale to the country in 11 months.
Corn snapped a four-session streak of gains after prices last week fell to the lowest levels since October.
The International Grains Council forecast global corn and wheat production would fall in 2015-16, leading to a drawdown in stocks. Global corn (maize) output was forecast to fall to 941 million tonnes, down from 990 million tonnes in the prior season.
Copyright Reuters, 2015
