CHICAGO: Chicago Board of Trade (CBOT) corn futures rallied on Thursday on technical buying and short-covering, and as unfavorable weather in South American crop areas threatened production potential, traders said.
* CBOT March corn settled 6 cents higher at $3.80 per bushel. Gains accelerated as prices breached chart resistance at key technical levels, including the 50- and 100-day moving averages.
* Corn was also supported by renewed demand from global importers after a steep price decline earlier this week. South Korean feedmakers have been particularly active buyers.
* Corn was also supported by adverse weather in South America as hot and dry weather in Brazil and excessive rains in Argentina threatened yield potential.
* Traders continue to watch for any corn demand from China following promises by Beijing to purchase "a significant amount" of US agricultural goods and other products.
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