Corn futures prices, buoyed by a favorable export report and strong commercial buying, were higher Tuesday on the Chicago Board of Trade.
The Agriculture Department reported a weekly corn inspection figure for export of 46.6 million bushels, an increase of 3.2 million bushels over the previous week, said Jerry O. Gidel, an analyst with Paine Webber in Chicago.
The USDA inspection report, however, showed a decline in export interest for wheat and soybeans, a factor that weighed on those prices, according to Gidel.
Soybeans, under pressure most of the session, fought their way back at the close to post strong gains.
"It was a dead session for the first three-quarters, but word of slow country movement helped prompt some short-covering of the beans at the close," he said.
Traders covering their short positions buy back contracts sold earlier. Wheat prices were given a boost by some strong commercial selling, Gidel said.
"But the strong U.S. dollar generally kept things on the defensive," said Gidel. A strong dollar tends to discourage the export of U.S. commodities.