Commodities
Corn Futures Rebound After Surprise Storage Report
Chicago corn futures rose on Thursday, rebounding from a sharp decline the previous day. The most active contract on the Chicago Board of Trade gained 0.5% to $5.03-1/4 a bushel by 11:27 GMT.
The benchmark had fallen to a six-week low at $4.98-1/4, adding to Wednesday's 4.1% drop, before recovering above the psychological $5 threshold.
US farmers and grain handlers had 35% more corn in storage on September 1 than a year earlier, according to the US Department of Agriculture's estimate. This figure exceeded market expectations, causing a shock effect on the corn market, as argued by Argus analysts.