CBOT corn ends down on technical selling despite strong U.S. export data

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CHICAGO, Feb 2 (Reuters) -Chicago Board of Trade corn futures ended lower on Thursday on technical selling and pressure from a bounce in the U.S. dollar, despite stronger-than-expected weekly U.S. export sales data, traders said.

  • CBOT March corn CH3 settled down 5-3/4 cents at $6.75-1/4 per bushel, turning lower after rising to $6.86 in early moves. Traders noted chart resistance around $6.88.

  • The U.S. Department of Agriculture reported export sales of U.S. corn in the week ended Jan. 26 at 1,756,400 tonnes (old and new crop years combined), above a range of trade expectations for 600,000 to 1,350,000 tonnes.

  • Algerian state agency ONAB is believed to have bought about 30,000 tonnes of animal feed corn expected to be sourced from Argentina in a purchase late last week, European traders said.

  • Traders continue to monitor crop weather in South America. Much-needed rains fell in portions of Argentina's crop belt over the past week, but forecasts called for a return to hot and dry conditions.

  • Traders await direction from the USDA's next monthly world agricultural supply/demand report due on Feb. 8.

Reporting by Julie Ingwersen


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