CHICAGO: Chicago Board of Trade corn futures closed firm on Tuesday, following a rally in the soybean market as rainy conditions in Brazil threatened to slow corn seeding in that country, traders said.
But prices closed well off their high, with the market pressured by technical selling and robust harvest expectations in South America.
Despite the prospects for planting delays, Brazil may produce a record corn crop of 108.2 million tonnes as farmers expand plantings to an area of 19.44 million hectares amid good prices, according to the average forecast of a Reuters poll of 11 analysts.
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