Markets

CBOT corn ends up on spillover from soaring soy

CHICAGO : Chicago Board of Trade corn futures closed higher on Friday on spillover form soaring soybeans, firm cash co

Published March 2, 2012 Updated March 2, 2012 08:29pm

1 min

By Abdul Ahad

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* Informa Economics pegged Argentine 2011/12 corn production at 22.5 million tonnes, above USDA's current outlook for 22.0 million and pegged Brazilian corn production at 61.5 million, above USDA's February outlook for 61.0 million.

* China should redefine its grains security policy to fully liberalise the corn trade, the founder of the country's largest private agricultural business said.

* Crop insurance price guarantees for 2012 should encourage US farmers to plant corn over soybeans, analysts said on Thursday.

* The July/December was at 86 and the December corn/November soybean ratio was at 2.28.

* Key resistance for the March contract at its 200-day moving average of $6.63-1/2 and support at the 50-day ma of $6.35. The nine-day RSI was at 67.

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