Corn rebounds on strong demand

    146

    CANBERRA- US corn futures edged higher on Tuesday, as strong Chinese demand for US supplies and concerns over the weather in South America supported gains.

    Soybeans extended gains for a third consecutive session, while wheat edged lower.

    The most active corn futures on the Chicago Board Of Trade were up 0.4 percent at $5.51 a bushel, after closing 1.6 percent lower on Monday.

    Analysts said concerns about supply amid soaring Chinese demand was underpinning the prices.

    “Brazil’s second corn crop planting will be clearly delayed, and in some cases, very delayed,” said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia.

    Last week, the US Department of Agriculture (USDA) confirmed 800,000 tons in additional US corn sales to China, taking the total sales to nearly 3.9 million tons.