CBOT corn rises due to strong export sales
On Thursday, corn futures on the Chicago Board of Trade (CBOT) closed higher, with the benchmark period closing up about 1.4%, marking the first increase in four trading days. This was mainly due to active technical buying, stable export sales, and higher neighboring soybean and wheat prices. But the growing conditions in South America are good, and Brazil and Argentina are expecting bumper corn harvests, which limits the increase in corn prices.
As of the close, corn futures rose by 3.75 cents to 5 cents, with the 12-month futures rising by approximately 4.50 cents to close at 426.50 cents per bushel; The March period rose by about 5 cents, closing at 435 cents per bushel; The May term rose by about 5 cents and closed at 440.50 cents per bushel.
The most active trading range for March futures is between 428.25 cents and 436 cents.
On Thursday, the estimated trading volume for the benchmark period was 150517 lots, compared to 123963 lots on the previous trading day. The short position is 150517 lots, compared to 795460 lots on the previous trading day.