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CBOT corn inches higher; Ukrainian grain deal limits gains

CBOT corn inches higher; Ukrainian grain deal limits gains

Reuters · 07/27/2022 14:37
CBOT corn inches higher; Ukrainian grain deal limits gains

- Chicago Board of Trade corn futures inched higher on Wednesday as traders weighed hot and dry conditions after the U.S. Department of Agriculture downgraded crop conditions across the U.S. Midwest on Monday afternoon, traders said.

  • Gains were limited as Ukraine prepares to ship grain following a deal with Russia to allow grain transport via Black Sea ports, though uncertainty remains.

  • CBOT September corn CU2 inched up 3-1/4 cents to $6.00-1/4 per bushel, while most-active December CZ2 corn added 2-1/4 cents to $6.03 a bushel.

  • The CBOT's most-active corn futures contract Cv1 climbed to $6.06-3/4 a bushel, its highest since July 19.

  • A grain coordination center is being established in Istanbul to coordinate Ukrainian grain exports under a deal signed by Russia and Ukraine on Friday and brokered by Turkey and the United Nations. The first shipment is expected to depart from Black Sea ports within days.



(Reporting by Christopher Walljasper; Editing by Will Dunham)

((Christopher.Walljasper@thomsonreuters.com; 1 630 269 3072))