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CBOT corn ends firm, consolidating after five-session slide

Reuters · 01/06/2023 15:57
CBOT corn ends firm, consolidating after five-session slide


- Chicago Board of Trade corn futures ended modestly higher on Friday, consolidating after a five-session skid that had pushed the most-active March contract CH3 to a two-week low on Thursday, traders said.

  • CBOT March corn CH3 settled Friday up 1-1/4 cents at $6.54 per bushel.

  • However, for the week, the March contract fell 24-1/2 cents per bushel or 3.6%, halting a three-week climb.

  • Worries about a global recession curbing demand for grains and other commodities hung over the market, capping rallies.

  • The U.S. Department of Agriculture reported export sales of U.S. corn in the week ended Dec. 29 at 319,200 tonnes (old and crop years combined), below a range of trade expectations for 400,000 to 1,200,000 tonnes. EXP/CORN

  • Through its daily reporting system, the USDA confirmed private sales of 112,000 tonnes of U.S. corn to Mexico, including 89,600 tonnes for delivery in the 2022/23 marketing year that began Sept. 1, 2022, and the rest for delivery in 2023/24.

  • Mexican President Andres Manuel Lopez Obrador will discuss with U.S. President Joe Biden a dispute over genetically modified (GM) corn imports in a meeting week, the Latin American leader said. The two countries have been at odds over a Mexican decree that would ban GM corn and phase out the herbicide glyphosate by 2024.

  • Traders await several key reports due from the USDA on Jan. 12, including U.S. quarterly stocks as of Dec. 1 and the government's regular monthly supply/demand report.


(Reporting by Julie Ingwersen; Editing by Andrea Ricci)

((Julie.ingwersen@thomsonreuters.com; 1-313-484-5283; Reuters Messaging: julie.ingwersen.thomsonreuters.com@reuters.))