CHICAGO (Commodity Online):US Corn futures end higher on growing export demand, climbing despite weakness in Wheat and soy.
Fresh export sales announced, coming on the heels of two straight weeks of improved sales, supported the market, analysts say.
They also note that US Gulf cash market bids continue to surge, possibly fueled by exporters who have had to scramble to find supplies to meet existing sales commitments.
Market is being driven by short-term supply worries, as nearby March continues to expand its premium to deferred contracts.
Deferred contracts have lagged on expecations farmers will plant a huge crop this spring. CBOT March Corn ends up 7 1/4c to $6.41 3/4 a bushel, CBOT Dec. corn closes up 5c to $5.71.
Courtesy:CME Group
