CBOT corn ends higher on choppy trading day
CORN•CBOT December corn futures settled up 1-1/2 cents at $5.02-1/4 a bushel after dipping to $4.95, as bargain buying lifted prices late in the session.
1. Corn futures rebound
CBOT corn futures ended higher on Thursday after a choppy session, with bargain buying lifting prices late in the day. The most-active contract had dipped to $4.95 a bushel, its lowest since August 19.
2. Stocks and exports
Corn futures had plunged Wednesday after the U.S. Department of Agriculture reported September 1 corn stocks of 2.095 billion bushels, up from 1.551 billion a year earlier and above trade expectations. The USDA also reported net export sales of 536,000 metric tons for the week ended September 24, near the low end of trade expectations of 500,000 to 1.3 million tons.
3. Harvest weather
Rains continued to slow harvesting in the U.S. Corn Belt, though forecasts called for drier weather after Friday. Market analysts said wet weather and a spell of hot temperatures in August may have caused crop damage in parts of Indiana and Illinois.
