CBOT corn firms on technical buying, expected US crop ratings drop
CHICAGO, Sept 3 (Reuters) -Chicago Board of Trade corn futures ended higher on Tuesday, on technical buying and anticipation of lower crop ratings in the Midwest to be reported by the U.S. Department of Agriculture later in the day, market analysts said.
Most-active December CZ24 corn settled up 8-1/4 cents to $4.09-1/4 per bushel.
Earlier in the session, the most-active corn futures contract on a continuous chart Cv1 reached $4.10 per bushel, the highest price since July 29.
Condition ratings for U.S. corn crops likely declined a bit in the last week as dry conditions expanded in portions of the Midwest crop belt, according to the average estimates of 10 analysts surveyed on Tuesday.
USDA on Tuesday reported U.S. weekly export inspections of 965,292 metric tons of corn for the week ended Aug. 29, which fell within analyst expectations.
Rainfall in Argentina is expected to boost the 2024/25 corn crop as farmers begin planting this month, the Rosario grains exchange said in a report published on Monday.
Brazilian farmers in the key center-south region had planted 8% of the expected area for their 2024/25 first corn crop as of last Thursday, up from 4% the previous week, agribusiness consultancy AgRural said on Monday.
Warm weather in the Midwest limits early frost concerns, the Commodity Weather Group said Tuesday. But stubbornly dry weather continues to linger over 20% to 25% of the U.S. corn crop, mainly in the Ohio Valley and far northwestern U.S. Midwest areas.
Reporting by P.J. Huffstutter; editing by Jonathan Oatis
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