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