Traders cited technical buying as boosting corn futures Tuesday. The grain markets proved surprisingly strong Tuesday, especially in the absence of supportive news. Wire service sourced cited technical factors and bargain hunting for the corn rise, which seemed doubly impressive in the face of today’s equity market losses. May corn futures closed up 3.0 cents at $3.91/bushel Tuesday, while December rose 3.25 to $4.165.
Corn futures recovered Monday night gains. Soybeans seemingly rebounded from short-term moving average support last night, but proved vulnerable to fresh selling this morning. Given indications that the grain markets were following beans, it wasn’t surprising to see them turn mostly lower around midmorning, but corn proved surprisingly firm as lunchtime approached. May corn futures rose 1.0 cent to $3.89/bushel late Tuesday morning, while December crept up 1.25 to $4.145.