Corn futures at the Chicago Board of Trade rallied to an 11-year high on Friday on persistent brisk exports of US corn, traders said. The market drew more support from strong crude oil and gold and from a weak dollar which keeps US corn on the radar of overseas customers despite its historically high price.
At 10:42 am CST (1642 GMT), CBOT corn was up 4-1/2 cents per bushel to down 1/4, with March up 1/2 at $4.55-1/4 per bushel. The March contract rallied to a session high of $4.57 per bushel, an 11-year peak, and the highest price for a spot contract since the record of $5.54-1/2 was notched in July of 1996.
Traders view an RSI of 70 or more as an overbought market and 30 or less as an oversold market. Oat futures were up 3 cents per bushel to down 1/2 cent, with March up 3 at $3.12 per bushel.