U.S. corn futures rallied Monday on support from a weaker dollar and ended near session highs as the market's surge spurred technical buying. Corn's settlement was its highest in more than a month despite a lack of fresh supportive news, analysts said.
A weaker dollar fueled commodity gains generally, and corn's climb above $5.80 triggered more buying based on technical trends, they said. "I think the crowd is thinking we're going to inflate," said Sid Love, analyst with Kropf and Love Consulting. South American weather, a focus of the market, was actually negative for prices Monday, as rains in Argentina should help the crop there.
March corn ended up 14 1/4 cents, or 2.5%, at $5.88 1/2.
