Friday, January 21, 2011
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CBOT Updates: Corn gains on fresh buying
MUMBAI (Commodity Online): U.S. corn futures ended higher, rebounding on a cut to the projected Argentina crop and end-user buying.
The market rebounded from early losses on worries about Chinese demand thanks to a 4.4% cut in the Argentina crop by a Buenos Ares exchange.
Traders added that end users saw the dip in prices as an opportunity to secure supplies in a market that is skittish about tightening global supplies.
The rebound quiets concern that the market had established a negative price reversal on Wednesday's slide, Prime Ag Consultants analyst Chad Henderson said. March corn closed up 12 3/4 cents, or 2%, to $6.54 per bushel.
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