Rewrites throughout, adds dateline
CHICAGO, Dec 12 (Reuters) - U.S. exporters booked their fifth biggest corn sale ever, the government said on Thursday, with Mexican buyers snapping up 1.6 million tonnes just days after a reworked U.S.-Mexico-Canada trade deal was signed following years of negotiations.
The U.S. Agriculture Department said that private exporters reported the sale of 1.074 million tonnes of corn for delivery to Mexico in the 2019/20 marketing year that began on Sept. 1 and 525,780 tonnes for delivery in the 2020/21 marketing year.
The sale was the biggest since Mexico booked a deal for 1.646 million tonnes of U.S. corn in December 2018 and sparked a rally in a stagnant futures market.
A corn exporter said that Mexico typically makes large purchases at this time of year.
The deal alleviated demand concerns that have been weighing on the corn market even as U.S. farmers harvested what was expected to be their smallest crop in four years.
"Mexico coming in is certainly a breath of fresh air," said Dan Hussey, market strategist at Zaner Group. "That's an answer to the demand issue coming back in a real way."
At 10:17 a.m. CST (1617 GMT), Chicago Board of Trade March corn futures CH0 were up 7-3/4 cents at $3.79 a bushel. The contract sank to a three-month low on Wednesday.
(Reporting by Mark Weinraub in Chicago and Eileen Soreng in Bengaluru; editing by Jonathan Oatis)
((eileen.soreng@thomsonreuters.com; Within U.S. +1 646 223 8780, Outside U.S. +91 80 6749 6131; Reuters Messaging: eileen.soreng.thomsonreuters.com@reuters.net))
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Mexico books 5th biggest deal for U.S. corn ever - USDA - Nasdaq
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