Thursday, 26 March 2015 01:50
CHICAGO: Chicago Board of Trade corn futures climbed for the fourth straight session on Wednesday, rising to the highest levels since Feb. 27 on support from technicals and outlooks for reducing sowings in the United States, traders said.
The four-session spike of 5.6 percent was the largest such gain since December even as CBOT May corn edged only narrowly higher on Wednesday, finding upside resistance at its 100- and 200-day moving averages.
The higher prices came ahead of a US Department of Agriculture report due next week in which the government is expected to show fewer US corn acres in favor of soybeans.
Open interest declined during Tuesday’s session of higher prices, suggesting investors were exiting short positions rather than making new long or bullish bets.
USDA said private exporters sold 114,000 tonnes of US corn to Mexico.
The US Energy Information Administration showed increased production and stockpiles of corn-based ethanol in the week ended March 20.
Copyright Reuters, 2015
