Corn up on demand hopes

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    SINGAPORE- Chicago corn futures rose for a second session as prices were underpinned by strong demand, while the market focus is on a widely watched crop tour which is expected to forecast US production at the end of this week.

    Wheat gained ground, although gains were checked by ample world supplies, while soybeans eased.

    The most-active corn contract on the Chicago Board Of Trade (CBOT) added 0.3 percent to $3.71-1/4 a bushel, after hitting a three-month low of $3.66-1/4 a bushel in the previous session.

    Soybeans eased 0.1 percent at $8.72-1/2 a bushel, having firmed 0.5 percent on Wednesday and wheat was up 0.1 percent at $4.68-1/2 a bushel, having closed up 0.3 percent on Wednesday.

    Corn prices rose on Wednesday after the US Department of Agriculture said private exporters sold 328,000 tons of US corn to Mexico for delivery in the 2019/20 marketing year that begins on Sept. 1.

    Annual Pro Farmer Midwest Crop Tour estimated corn yields in Iowa’s crop District 1 in the northwest corner of the state at 184.88 bushels per acre (bpa), down from 186.87 last year and up from the tour’s three-year average of 184.12. – Reuters