US corn futures rise as prices at two-week low draw traders

Corn futures climbed in Chicago as Monday's (May 17) slump to the lowest price in more than two weeks attracted importers and investors.

July-delivery corn rose 1.1% to US$3.60 a bushel on the Chicago Board of Trade at 12:24 p.m. Paris time. The contract on Monday touched US$3.555, the lowest price since April 28.

Futures slid 5.9% in the three sessions through Monday on concern Europe's debt crisis may slow the global economic recovery, hurting demand for food, animal feed and fuel, including ethanol.

The slump has attracted long-term buyers, Jonathan Barratt, managing director at Commodity Broking Services Pty in Sydney said. "It's a technical bounce."

Corn for export inspected at US ports rose to 38.5 million bushels in the week ended May 13, 0.6% more than a week earlier and 23% more than a year earlier, the USDA said in a report.

The Korea Feed Association, South Korea's biggest grain-buying group, issued a tender to buy 55,000 tonnes of corn for arrival in September, according to a notice on May 18.