CBOT corn firms on short covering after contract lows
CHICAGO, Aug 13 (Reuters) - Chicago Board of Trade corn futures firmed on Wednesday in a short-covering bounce from contract lows posted a day earlier, although prices remain anchored by expectations for a bin-busting U.S. harvest this autumn.
In a monthly report on Tuesday, the U.S. Department of Agriculture projected U.S. corn yields and production at a record high, swelling global supplies following a bumper Brazilian harvest this year. The supply shock sent futures tumbling before the mild rebound on Wednesday.
The steep price drop on Tuesday sparked a wave of export demand, with importers in South Korea booking cargoes and issuing tenders for grain. GRA/TEND
The USDA is due to release weekly export sales data early on Thursday. Analysts polled by Reuters expect net corn sales in the week ended August 7 at 150,000 to 600,000 metric tons for the 2024/25 crop year and sales of up to 2.4 million tons for 2025/26.
CBOT December corn futures CZ25 ended 2-3/4 cents higher at $3.97-1/4 per bushel.
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