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Markets

CBOT corn ends up on bargain buying, firm cash

CHICAGO : Chicago Board of Trade corn futures closed higher on Tuesday on bargain buying, firm cash markets and slow f
Published Updated

CornCHICAGO: Chicago Board of Trade corn futures closed higher on Tuesday on bargain buying, firm cash markets and slow farmer selling.

* USDA late on Monday said 47 percent of the US corn crop had been harvested, up from 33 percent a week ago and ahead of the 41 percent five-year average harvest pace.

* Wet weather this week in the eastern half of the US Midwest will slow corn and soybean harvesting, while dry weather boosts the harvest in the west, an agricultural meteorologist said.

* Booming ethanol biz alters corn use patterns - USDA.

* December below all key moving averages with first major resistance at the 200 day ma $6.47-1/2 and the nine-day RSI at 55. 1:20 PM CDT

Copyright Reuters, 2011

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