CBOT corn finishes nearly flat as traders eye US-China summit

CHICAGO, May 13 (Reuters) - Chicago Board of Trade corn futures closed nearly unchanged on Wednesday as traders waited to see whether China would agree to buy U.S. crops as a result of a summit of the two nations' leaders this week.

  • U.S. President Donald Trump and an entourage were greeted with a lavish welcome in Beijing on Wednesday as he prepared to ask China's Xi Jinping to "open up" to U.S. business at the start of their two-day summit.

  • While China and the United States may reach a farm deal at their summit, market-watchers have said they did not expect major new soybean purchases beyond what was agreed upon in a deal last October.

  • Traders were watching to see whether China may agree to buy U.S. corn, wheat or the feed ingredient called distillers dried grains with solubles (DDGS), which is a byproduct of producing ethanol.

  • Weekly U.S. ethanol production increased while stocks declined, the Energy Information Administration said.

  • CBOT July corn CN26 ended 3/4 cent higher at $4.80-3/4 per bushel and set the highest price since May 5.


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