Chicago Board of Trade corn futures rose on Wednesday, with the most actively traded contract touching a seven-week high on technical buying and a decline in the US dollar, traders said. CBOT March wheat unofficially ended up 5-1/4 cents at $3.56-1/2 a bushel. That was near its session peak of $3.57, which was the highest price for a most-active contract since December 5 and the highest price for a front-month contract since September 29. The dollar's fall to a three-year low prompted grain traders to buy back previously sold, or short, positions, brokers said. Weakness in the dollar often raises hopes for increased US export demand.
Hot and dry weather in Argentina, a rival exporter, helped support the gains amid concerns yields may suffer there, reducing large global inventories, analysts said.
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