MUMBAI (Commodity Online): Corn futures ended higher Tuesday amid continued fund-buying and technical momentum, analysts said. Funds bought 12,000 contracts, continuing their buying binge from Monday.
Fundamentals continue to take a back seat, as the trade disregards dry weather allowing for more harvest progress this week. “If you look at usage numbers, they are certainly nothing to crow about” added Dave Marshall, an independent adviser/broker in Nashville, Ill.
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Analysts said that Monday’s gains turned the market around technically, and that worries about how far behind the crop is were supportive. Higher crude oil also helped the rally. December corn ended up 7 3/4 cents to $3.90 per bushel, and March corn ended up 7 3/4 cents to $4.03 1/2.
Courtesy: CBE Group
