CBOT corn ends up on bargain-buying, positioning ahead of USDA

CHICAGO: Chicago Board of Trade corn futures closed higher Tuesday on a round of bargain-buying a day after the May contract fell to a near three-month low, and on position-squaring ahead of key government reports due on Friday, traders said.

CBOT May corn settled up 2 cents at $3.57-3/4 per bushel.

Additional support stemmed from broad strength in commodities, including crude oil. The 19-market Thomson Reuters CoreCommodity CRB Index rose 0.5 percent.

Analysts surveyed by Reuters expect the US Department of Agriculture on Friday to project a decline in US corn plantings for 2017 and a year-on-year rise in March 1 stocks.

Rally limited by ample global grain supplies and expectations for a large South American harvest.