Corn snaps losing streak

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    SINGAPORE- Chicago corn futures edged higher on Thursday, as the market recovered from its lowest in almost four months on bargain buying, but forecasts of near-perfect weather across the US Midwest capped gains.

    Bargain hunting by investors also propped up wheat, which rose for a second session, while soybeans were underpinned by news of fresh US exports to Mexico.

    The most-active corn contract on the Chicago Board Of Trade was up 0.4 percent at $3.60 a bushel, having closed down 0.7 percent in the previous session when prices hit a May 13 low of $3.56-1/2 a bushel.

    Wheat Wv1 rose 0.1 percent to $4.61 a bushel, having rallied 1.6 percent on Wednesday and soybeans gained 0.1 percent at $8.76-1/4 a bushel, having firmed 0.8 percent on Wednesday.

    “To everyone’s surprise the US corn crop is doing fine as conditions are holding out very well,” said one Singapore-based feed grains trader. “But we must be aware that the crop is not in silos yet.”

    US Department of Agriculture late Tuesday rated 58 percent of the US corn crop in good-to-excellent condition, up from 57 percent the previous week, in line with trade expectations.  – Reuters