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Corn prices lead grains higher on export news

Corn prices lead grains higher on export news

Corn led grain prices higher Thursday as purchases by Japan, South Korea and Mexico boosted U.S. exports, indicating improving demand. Metals and energy prices were mixed.
It was the second consecutive week the government reported strong corn exports, Northstar Commodity analyst Jason Ward said. Nearly 40 million bushels were exported for the week ending April 8, and about 53 million bushels were exported the week before, he said.
In addition, China has been buying dried distiller's grains, a byproduct of ethanol processing, he said. That gave corn an added boost even though China does not directly import corn from the U.S.
Corn for July delivery rose 5.25 cents to $3.7375 a bushel, the highest settlement price since March 19.
In other July contracts, soybeans benefited from some technical buying as prices rose 16 cents to settle at $9.93 a bushel, the highest level since early January. Wheat rose 5.5 cents to $4.9275 a bushel.
Other commodities were mixed as the dollar gained against other currencies. The ICE Futures US dollar index, which measures the dollar against six currencies, rose 0.4 percent.
The dollar grew stronger amid investor concerns about a bailout plan for Greece. The International Monetary Fund and the European Union plan to send officials to Athens to continue talks on the details of the offer, which is designed to ensure Greece will not default on its loans.
Greece has said it has no plans to use the bailout money but its borrowing costs remain high.
Commodities, which are priced in dollars, typically move opposite of the dollar. A stronger dollar can make commodities more expensive for overseas buyers.
In metals trading, gold for June delivery inched up 70 cents to settle at $1,160.30 an ounce and May silver rose 1.8 cents to $18.433 an ounce.
Copper for May delivery gave up the penny it gained Wednesday to settle at $3.6005 a pound.
Most oil products fell after a report showed a bigger-than-expected increase in natural gas supplies and a jump in initial claims for unemployment benefits.
Benchmark crude for May delivery fell 33 cents to settle at $85.51 a barrel on the New York Mercantile Exchange.
In other Nymex trading in May contracts, heating oil rose 1.02 cents to settle at $2.2523 a gallon. Gasoline fell 0.65 cents to $2.3262 a gallon and natural gas fell 21.4 cents to $3.985 per 1,000 cubic feet.


Updated : 2021-10-27 03:17 GMT+08:00