Oct. 10 (Bloomberg) -- China may not need to purchase corn from the U.S. after having a “successful” harvest, the U.S. Grains Council said.
There is no reason for China to “rush into the market” if prices increase to the “mid-$6.00 range,” the group said in a web report dated Oct. 7. The country may continue to watch to see if prices fall below $6.00 a bushel, the report said without elaborating.
Prices will likely trade between $6.20 and $6.80 a bushel before rebounding in the spring, it said.
Corn for December delivery jumped as much as 2.1 percent to $6.125 a bushel on the Chicago Board of Trade today before trading at $6.105 by 11:35 a.m. Beijing time.
--William Bi. Editors: Richard Dobson, James Poole
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