Chicago Board of Trade corn futures edged up on Tuesday, extending their rally to fresh five-month highs as fields in Argentina continued to dry out and global importers bought largely from the United States, traders said. CBOT March corn settled up 2 cents at $3.70-1/2 per bushel, the highest level since September.
Argentine corn and soy growing areas were in need of rains but there were chances for only splashes of precipitation in the No. 3 corn exporter. South Africa's maize harvest also was expected to decline due to drought. Cash premiums in US corn export markets hovered near the highest levels in about 1-1/2 years, buoyed by strong global demand and scant cheaper offerings out of Argentina or Brazil.
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