Corn futures prices in Tuesday’s session

In Tuesday’s session, corn futures prices for May settled at $4.98, buoyed by a surprise increase in ethanol margins from U.S. refineries. Stronger biofuel demand outlook is adding a layer of fundamental support to the market. The winter wheat futures markets showed some promise early last week, but Friday’s losses put prices back down close to their contract lows and will give the chart-based speculators some momentum early this week. Price action: November soybeans fell 5 3/4 cents to $10.18, near the session low and on the week up 4 1/4 cents. December soybean meal fell 70 cents to $278.60, near the daily low and for the week up $4.00. December bean oil fell 39 points to 50.05 cents, near the daily low and for the week down 14 points. Corn futures prices traded up to $5.04 on Thursday, with open interest climbing sharply, suggesting fresh money entering the market. Weather premium is being built in as meteorologists predict limited rainfall in key growing areas.