US corn futures held firm on Tuesday, led by soaring wheat markets and follow-through technical buying from the higher close on Tuesday, traders said. Traders said grain markets were focused on the runaway spring wheat futures market at the Minneapolis Grain Exchange.
MGE spring wheat soared its 30-cent per bushel trading limit to a record high of $13.27 per bushel. The surging wheat market gave Chicago Board of Trade wheat, corn and soyabean futures a boost at the open on Tuesday. Additionally, firm crude oil and a higher stock market gave grain and soya complex futures additional support.
At 10:02 am CST (1602 GMT), Chicago Board of Trade corn futures were up 2-1/2 to 5 cents per bushel, with March up 2-1/2 at $5.04-3/4 per bushel. The March contract is above all key moving averages, with first support at its 20-day moving average of $4.83-1/4 per bushel. The nine-day relative strength index is at 63. Oat futures were up 5 cents per bushel to down 1/4 cent, with March up 5 at $3.28 per bushel.
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