CHICAGO: Chicago Board of Trade corn futures reached a 6-1/2-year high on Thursday and closed out the year with the strongest annual percentage gain since 2010 amid strong demand and concerns about tightening global supplies.
Corn drew strength from hot and dry crop weather in key South American production areas. Argentina and southern Brazil are expected to remain mostly dry for the next two weeks, according to meteorologists.
Argentina's Agriculture Ministry, meanwhile, has restricted corn sales for export until the end of February to ensure domestic supplies.
March corn futures hit a contract high of $4.85-3/4 a bushel and settled 9-1/2 cents higher at $4.84 a bushel. It was the highest level for a most-active contract since May 16, 2014.
Life-of-contract highs were reached in most contract months.
Corn ended up 7.3% on the week, up 13.6% for the month and up 24.8% for the year. The annual gain was the strongest since 2010.
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