Chicago Board of Trade (CBOT) corn futures rallied on Thursday on technical buying and short-covering, and as unfavorable weather in South American crop areas threatened production potential, traders said. CBOT March corn settled 6 cents higher at $3.80 per bushel. Gains accelerated as prices breached chart resistance at key technical levels, including the 50- and 100-day moving averages.
Corn was also supported by renewed demand from global importers after a steep price decline earlier this week. South Korean feedmakers have been particularly active buyers.