Chicago Board of Trade corn futures firmed on Tuesday, following gains in wheat and soybeans. On a continuous basis, the most-active corn futures contract topped out at its highest since November 1. The benchmark CBOT March corn futures contract broke through its 50-day moving average but hit resistance at its 100-day moving average.
Corn futures have risen for four sessions in a row and five of the last six.
Traders said the streak has caused some funds to cover their short position even amid a lack of fresh fundamental news since the United States and China announced that the countries had reached a Phase 1 trade deal.
The gains in corn would be limited in the coming weeks unless concrete signs of rising corn exports were noted, traders said.
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