MUMBAI (Commodity Online): Corn ended higher Wednesday amid speculative buying as the market showed some technical strength, traders said. With solid support at $3.59 serving as a base, traders are testing out the market’s upside potential, analysts said.

Seasonally the market is usually strong this time of year, a trader said. The market is also underpinned by wet soils in the Midwest that could stall early planting, although some traders say it remains too early to be worried about the crop.

After choppy early action, prices were higher most of the rest of the day and closed near session highs, with technical buying aiding the surge.

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A weaker dollar helped boost commodities generally, traders added. Funds bought an estimated 7,000 contracts. May Corn ended up 7 ¼ cents to $3.74 per bushel and July corn closed up 7 1/2 cents to $3.85 1/4.

Courtesy: CBE Group

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