Saturday, January 15, 2011
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US Corn Gains On Strong Fund Buying
Corn futures closed higher again on Friday. March futures were 6 1/4 cents higher at $6.48 3/4. The May contract was 6 1/2 cents higher at $6.58. December 2011 settled 3/4 cents higher at $5.71 1/4.
Futures open interest increased 24,000 contracts on Wednesday and 10,500 contracts on Thursday. This is further evidence of new buying on the price strength - a positive sign for prices.
Midday weather forecasts lightened up on Argentina rainfall a bit. That may have been the catalyst for the late session rally.
(Source: http://www.indiainfoline.com/Markets/News/US-Corn-Gains-On-Strong-Fund-Buying/3486133574)
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