The US Department of Agriculture (USDA) said Tuesday that private exporters sold 122,376 tonnes of US corn for delivery to unknown destinations during the 2018-19 marketing year that began September 1, 2018. South Korea's largest feedmaker Nonghyup Feed Inc (NOFI) purchased 138,000 tonnes of corn to be sourced from worldwide origins in an international tender that closed on Tuesday, European traders said.
"(Corn) was at the bottom of the range, and export prices have been pretty good. So the market thinks that there's room for corn to go higher," said one corn trader. Traders also noted broad strength in commodity and equity markets after US lawmakers reached a tentative deal to avoid another partial government shutdown, and on hopes of an agreement during the ongoing US-China trade talks.