CBOT corn up on short-covering, posts first weekly gain in 3 weeks

CHICAGO: Chicago Board of Trade corn futures rose to a 1-1/2 week high on Friday on short-covering ahead of the Christmas holiday weekend, notching the first weekly gain in three weeks.

Bargain-buying after corn futures fell to contract lows last week also continued to buoy prices.

Benchmark March corn settled up 3/4 cent at $3.52 a bushel. For the week, the contract gained 1.3 percent.

The US Department of Agriculture on Friday said the number of all US cattle on feed as of Dec. 1 rose 8 percent from a year earlier while November placements jumped 14 percent. Both were above average trade estimates.