SINGAPORE- Chicago corn ticked higher on Thursday, rising for the first time in three sessions, although the market was trading close to its lowest in three weeks on expectations of an uptick in US corn planting this year.
Soybeans edged higher, while wheat dropped to its lowest since early March.
“The corn market has been under pressure on expectations of a big US acreage number to be released next week,” said one trader in Singapore. “However, further direction can only be ascertained once we have the acreage number.”
The most-active corn contract on the Chicago Board of Trade (CBOT) rose 0.1 percent to $4.51-1/2 a bushel, having dropped to its lowest since March 5 on Wednesday. Wheat lost 0.3 percent to $5.33-3/4 a bushel and soybeans added 0.3 percent to $10.03-1/2 a bushel.
