Chicago Board of Trade corn futures inched up 1 cent on Tuesday, as traders found a hint of support from persistent drought and truck strike concerns in Argentina, traders said. Most traders were squaring up their corn positions on Tuesday, ahead of the monthly supply and demand report from the US Department of Agriculture, traders said.
CBOT May corn futures hit a multi-month high on Tuesday but finished the day slightly below that peak. CBOT May corn futures closed the day up 1 cent, up 0.13 percent, closing at $3.88-1/4 per bushel. US President Donald Trump said last week he would impose hefty tariffs on imported steel and aluminium to protect US producers, risking retaliation from major trade partners such as China, Europe and neighbouring Canada and Mexico.
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