CHICAGO(Commodity Online): US Corn futures end slightly up, but near session highs, on spillover strength from soybeans and near-term supply concerns.
With soybeans rallying on South America worries, traders say corn risks losing acreage in the US if prices don't keep up and give farmers the incentive to plant it.
With near-term supplies relatively tight, a big crop is needed to replenish inventories. But gains were limited as Russia signals it doesn't plan to limit grain exports, as many as expected. That sent Wheat futures lower.
CBOT March Corn ends up 1 1/2c at $6.44 1/2 per bushel, up 3c on the week. Although prices have fluctuated widely in the past month, some traders say ultimately it remains range-bound.
Courtesy:CME Group
