CBOT corn rises to 7-week peak on technical buying, higher wheat
CHICAGO, Feb 27 (Reuters) - Chicago Board of Trade corn futures rose for a third straight session on Friday as short covering, technical buying and spillover support from higher wheat lifted the market to a seven-week peak, analysts said.
Nearby corn prices remained well supported by strong export demand. Deferred contracts drew support from expectations for a drop in U.S. seedings this spring.
Private exporters sold 257,000 metric tons of U.S. corn to undisclosed buyers, the U.S. Department of Agriculture said in a daily sales announcement on Friday. It was the fifth corn sales announcement this week.
CBOT May corn CK26 closed 5 cents higher at $4.48-1/2 per bushel after rising to its highest point since January 12 during the session. The contract gained 2% in the week.
Technical buying accelerated gains as the May contract topped the prior session's high and broke through technical chart resistance at its 100- and 200-day moving averages.
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