Chicago corn and wheat firmed on Tuesday, as the early break in the market attracted buying from end users. Soybean ended a bit lower, weighed by weaker-than- expected growth data regarding the China economy and poor economic news from Europe.
The most active corn contract for December delivery rallied 3.5 cents, or 0.5 percent, to close at 6.44 U.S. dollars per bushel. December wheat climbed 1 cent, or 0.2 percent, to 6.2525 dollars per bushel. November soybean trimmed 2.25 cents, or 0.2 percent, to 12.5075 dollars per bushel.
The National Bureau of Statistics (NBS) said Tuesday that China 's GDP expanded 9.1 percent year-on-year in the third quarter of the year, marking the slowest pace since the third quarter of 2009. The growth rate was down from 9.5 percent in the second quarter of this year and 9.7 percent in the first quarter.
A trader mentioned that the China slowdown has cast a shadow over the grain market, as it adds a further dent to confidence in the world economy and indicates shrinking demand for U.S. crop.
Meanwhile, the grain market was also hammered overnight, after Moody's Investors Service warned that its outlook on France's debt rating was under threat and a reading on Germany's economic sentiment hit its lowest level since 2008.
But corn and wheat managed to bounce off, as some end users took advantage of the price drop, while equities market recovered.