CHICAGO: Chicago Board of Trade corn futures ended modestly higher on Tuesday on technical buying and a lack of farmer selling, traders said.
* CBOT December corn settled up 3/4 cent at $3.70-1/4 per bushel, a day after holding above support at its 50-day moving average near $3.64.
* Farmer selling was thin as producers in the heart of the US Corn Belt scrambled to catch up harvesting crops following rain delays earlier this month.
* The US Department of Agriculture said late on Monday the US corn harvest was 49 percent complete, ahead of the five-year average of 47 percent but behind an average of trade expectations for 51 percent.
* The USDA rated 68 percent of the crop in good to excellent condition, unchanged from the previous week.
* China’s corn imports for September totaled 40,000 tonnes, down 83.4 percent year-on-year and the lowest volumes since November 2016, customs data showed.
* Republican Senator Chuck Grassley said the US Environmental Protection Agency must act quickly to allow year-round sales of higher ethanol gasoline blends if President Donald Trump aims to keep a campaign promise to corn farmers. Corn is the primary feedstock for US ethanol fuel.
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Source: Brecorder
