Corn Rebounds, Further Decline Remains Possible
Corn advanced today as declining prices spurred traders to buy the agricultural commodity. The US Department of Agriculture reported that the amount of corn inspected for export was up 49 percent last week from the week before, reaching 15.5 million bushels. The data confirms demand for US corn from overseas buyers.
Prices may yet resume decline, though, as supply from South America is going to increase. Corn growing areas of Brazil will receive rains this week, according to forecasters. Previously, the region has suffered from drought.
Corn futures were up $0.0075 (0.1 percent) to $7.4250 per bushel as of 23:14 GMT on CBoT today. Prices have slid 3.1 percent last week and were down 13 percent since the record of $8.49 per bushel reached in August.
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