Chicago corn futures rise as traders eye Trump's export push
CHICAGO, July 24 (Reuters) - Chicago Board of Trade corn futures turned higher on Thursday on signs of short-covering and consolidation, and with traders hopeful that President Donald Trump will get foreign buyers to purchase more U.S. farm goods, market analysts said.
New-crop CBOT December CZ25 ended the day up 3-1/4 cents at $4.20-3/4 a bushel.
December corn futures jumped early on Thursday, after the U.S. Department of Agriculture inaccurately reported a sale of U.S. corn to China when the buyer was actually South Korea, the agency said.
Traders said they are paying more attention to a growing debate between farmers and agronomists over whether the U.S. Midwest corn crop has a pollination problem. One of the concerns is related to social media posts from farmers showing examples of tassel wrap.
Tassel wrap occurs when a corn plant's tassel is tightly wrapped within the leaves of the plant and is unable to fully emerge and release pollen, which can reduce the number of kernels set. Tassel wrap can happen when plants grow very quickly in response to environmental stress, such as heat and moisture.
Forecasts for crop-friendly rain in U.S. grain belts capped gains, however, market analysts said.
The U.S. Department of Agriculture reported U.S. weekly corn export sales at 643,100 metric tons for the 2024-2025 marketing year, in line with trade estimates.
Related Articles
September Global Central Bank Divergence: How Will U.S. Stocks and Forex Markets Move?
TradingKey - Despite the divergence in monetary policies among major global central banks in September (with the Federal Reserve cutting rates while the European Central Bank, Bank of England, and Bank of Japan maintain steady rates), we expect the policy directions of the Fed, ECB, and BoE to...
Duolingo (DUOL): Can the Green Bird Fly High Again
TradingKey - Duolingo is a great business, despite the stock price being down nearly 50% from its peak less than four months ago. However, the question is whether it’s worth buying it at a market cap of $12.5 billion. The answer is “not yet” because the traffic, even though healthy...
U.S. September Rate Decision Preview: What It Means for Bitcoin and Could It Spark a New Rally?
Bitcoin’s rally stalls ahead of the Fed meeting — has the bullish momentum already been priced in?
UK July GDP Commentary: Can GBP Break Through Its Current Fluctuation?
After considering multiple factors, given the evident weakness on both sides of this currency pair, we expect the GBP/USD exchange rate to maintain its current fluctuation trend in the short term.
Fed to Cut Rates: All Asset Prices Up!
TradingKey - The Federal Reserve is almost certain to restart its interest rate cut cycle on 17 September this year. After in-depth research, we have concluded that cryptocurrencies, the broader U.S. stock market, and short-term U.S. Treasury bonds will all go up.
