Chicago corn sold back to China from US – Money Times

Futures contracts Corn Thursday ended with a third straight session higher on export demand from Chicago AmericaAt the same time the Wheat lost ground under pressure UN By an extension Cereals Black Sea, researchers said.

oh US Department of Agriculture (USDA) The third consecutive announcement of old-crop US corn sales to China totaled 1.92 million tonnes in three days.

Some traders expect the USDA to report another 600,000 tonnes or more of US corn sales by the end of the week.

Sale of corn China A corn flash has not been fired on consecutive days since May 2021, and China’s last recorded corn flash before this week was in August.

Analysts said wheat fell as the UN backed Turkey and Ukraine to extend by 120 days a deal that would have allowed grain to be safely exported from several Ukrainian ports on the Black Sea. Russia said it would only extend the deal for 60 days.

“It looks like the Black Sea deal is over. It’s only 60 or 120 days,” said Craig Turner, a commodities trader at Daniels Trading.

Soybeans reversed earlier losses and rose on hopes of US sales to China, traders said.

Argentina also cut its soy production estimate for the 2022/2023 season to 25 million tonnes, down from 29 million tonnes previously.

The most active corn contract on the Chicago Board of Trade (CBOT) was up 6.25 cents at $6.3275 a bushel.

Wheat fell 3.75 cents to $6.99 a bushel. Soybeans settled at $14.78 a bushel after gaining 2.25 cents to $14.9150, the contract’s lowest since Feb. 28.