CBOT corn gain support from higher soy futures
CHICAGO, Feb 5 (Reuters) - Chicago Board of Trade corn futures ended higher on Thursday on spillover support from surging soybean futures.
Soybeans rallied on Wednesday after President Donald Trump said China was "lifting the soybean count to 20 million tons for the current season", suggesting China could buy 8 million metric tons of U.S. soybeans in 2025/26 on top of approximately 12 million tons already booked since the trade truce in late October.
Brazil corn exports are seen reaching 793,364 tons in February compared with 1.32 million tons in the same period last year, according to ANEC, a national association of grain producers in Brazil.
The U.S. Treasury Department on Tuesday released updated guidance on biofuel tax credits, a move welcomed by traders as giving clarity to biofuel producers. The news supported corn, which is used to make ethanol fuel.
CBOT March corn CH26 closed 5-1/2 cents higher at $5.35 per bushel.
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