CHICAGO: Chicago Board of Trade corn futures firmed on Monday despite improved rains in South America, supported by strong demand for grain, traders said. CBOT most-active March corn rose 3-1/2 cents to $4.24 cents per bushel. Weekend storms brought precipitation to northern and central Brazil, but crops there need more rain following early season dryness. Dry weather has also stressed Argentina's farm belt.
Traders looking ahead to Thursday's US Department of Agriculture (USDA) monthly supply-and-demand report, which is expected to show smaller crops in Argentina and Brazil. The market is also watching for renewed US corn demand from China, which has already booked record purchases this year. The USDA said on Monday that 734,079 tonnes of US corn were inspected for export last week, just below expectations for 750,000 to 1.1 million tonnes.
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