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CBOT corn firms on bargain buying

By Reuters News

CHICAGO, Oct 28 (Reuters) - Chicago Board of Trade corn futures firmed on bargain buying on Wednesday, but ample US harvest supplies continued to weigh on prices and kept the most-active contract rangebound, market analysts said.

  • CBOT December corn settled 3 cents higher at $4.51-3/4 a bushel.

  • Traders said they continued to be worried that currency pressures will weigh on US export demand for grains this fall, as farmers begin to wind down the autumn harvest in parts of the eastern US Midwest.

  • However, the US dollar pared gains against the Japanese yen on Wednesday afternoon, after the Federal Reserve held interest rates steady. The US central bank opted to delay any changes to borrowing costs until after next week's US midterm elections and while awaiting further data on the path of inflation.

  • A weaker US dollar can improve demand for US grains by making those supplies less expensive for overseas buyers.

  • Basis bids for corn were mostly steady to stronger in the US Midwest on Wednesday as the harvest wound down in some areas, prompting some grain handlers to sweeten their bids to source fresh supplies.

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