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CBOT corn creeps higher on US crop concerns, technical buying

CBOT corn creeps higher on US crop concerns, technical buyingCHICAGO: US corn futures crawled higher on Wednesday amid concerns about declining crop conditions, traders said.

September corn futures rose 1 cent to $3.47-1/4 a bushel at the Chicago Board of Trade. Most active December corn futures gained 1-1/4 cents to $3.61, after touching its highest since July 12.

Technical buying helped support prices after the market recently touched contract lows, traders said.

Traders remain concerned about the risk for US yields to fall short of expectations due to hot and dry weather.

“We are starting to see increased pockets of dryness in the US, especially in the southwestern growing areas and parts of the Delta,” said Terry Reilly, senior commodity analyst for Futures International.

US weekly ethanol output rose 31,000 barrels per day to 1.06 million, according to the US Energy Information Administration.

On Thursday, the US Department of Agriculture is expected to report weekly US corn export sales were 500,000 to 1.1 million tonnes.

Copyright Reuters, 2018
 

Source: Brecorder

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