CBOT corn ends lower as soy weakness offsets strength in wheat
CHICAGO, Nov 19 (Reuters) -Chicago Board of Trade corn futures closed lower on Tuesday, following declines in soybean futures Sv1 tied to improving Brazilian soy crop prospects, traders said.
Trade was choppy as corn drew early support from CBOT wheat Wv1 futures, which posted a one-week high on fears of war escalating in the Black Sea bread-basket region. GRA/
CBOT December corn CZ24 settled down 2 cents at $4.27-1/4 per bushel and March corn CH25 ended down 2 cents at $4.37-3/4.
Algerian state agency ONAB issued a new international tender to purchase up to 240,000 metric tons of animal feed corn sourced from Argentina or Brazil only, European traders said.
The announcement suggests that Algeria made no major purchase in its previous tender for 240,000 tons of corn, which closed on Friday, although some purchases could not be ruled out, traders said.
Farmers in Ukraine could expand corn seedings in 2025 after war-related export difficulties forced farmers to cut acreage sharply by 2024, a Ukrainian agriculture official told Reuters.
Brazil will announce farm agreements with China, its biggest trade partner, on Wednesday ahead of scheduled meetings with Chinese President Xi Jinping, Brazil's agriculture minister said, adding the deals would potentially cover fruit, beef and pork.
Reporting by Julie Ingwersen; editing by Jonathan Oatis
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