Commodity Online
MUMBAI: Corn futures posted gains at the close. A floor analyst said the market was in consolidation mode after Tuesday’s big losses. He characterized the day as “nondescript,” citing little follow-through selling after Tuesday’s drop.
Analysts and traders said soybeans offered major support in spillover buying to corn, and a weaker U.S. dollar boosted prices as well. The acreage report is still a bearish factor, traders and analysts said, but losses were limited by support from other markets.
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The trade is now focused on weather, as July weather is critical to corn development. Funds bought an estimated 2,000 contracts. July closed up 4 cents at $3.51 3/4 a bushel, and December closed up 2 cents at $3.69 1/4.
Courtesy: CBOT Group
