CHICAGO: Chicago Board of Trade corn futures ended little changed on Thursday, gaining against wheat and soybeans on inter-market spreads amid expectations of tightening global corn stocks, traders said.
CBOT December corn settled steady at $3.56-1/2 per bushel while front-month September, which is nearing its delivery period, ended down 1/4 cent at $3.41.
CBOT December corn stayed inside of Wednesday’s trading range.
The USDA reported export sales of US corn in the latest week at 700,400 tonnes (old and new crop years combined), at the low end of combined-year trade expectations for 700,000 to 1,300,000 tonnes.
Through its daily reporting system, the USDA said private exporters sold 100,611 tonnes of US corn to Mexico for delivery in the 2018/19 marketing year that begins Sept. 1.
Traders are monitoring flooding in Wisconsin and forecasts for wet weather in the northwest Corn Belt that could slow the US crop’s dry-down process.
Source: Brecorder
