SINGAPORE- Chicago corn futures bounced back on Tuesday, after suffering their biggest one-day loss in almost seven weeks in the previous session, as expectations of strong Chinese demand supported prices.
Still, improved US crop ratings and harvest pressure kept a lid on prices.
“Chinese demand is supportive for prices, but overall there is no shortage of grains in the world at the moment,” said Ole Houe, director of advisory services at agriculture brokerage IKON Commodities in Sydney.
The most-active corn contract on the Chicago Board of Trade (CBOT) rose 0.2 percent to $3.70-1/2, after dropping 2.3 percent in the last session, the biggest daily loss since Aug. 4.
Soybeans added 0.3 percent to $10.26 a bushel and wheat gained 0.5 percent at $5.57-1/2 a bushel.