CBOT corn rises on risks for US planting delays, technical buying

CHICAGO: Chicago Board of Trade (CBOT) corn futures crept higher on Monday on worries about wet weather delaying plantings in portions of the Midwest and Delta region, traders said.

CBOT May corn closed 1-3/4 cents higher at $3.62-3/4 per bushel.

More rains are expected this week in the Delta, eastern Plains and Midwest, according to Radiant Solutions, a U.S. weather firm.

Yet support from concerns about planting delays was limited because farmers can still use big machines to plant the crop quickly, traders said.

The USDA is scheduled to release updated U.S. planting progress figures for corn at 3 p.m. CDT (2000 GMT) on Monday. Analysts estimate planting will be 5 percent complete, up from 2 percent a week earlier, according to a Reuters survey.

Technical buying and short-covering helped underpin the market, analysts said. Commodity funds hold a massive net short position, leaving the market vulnerable to bouts of short-covering.

Traders also remain mindful of plentiful U.S. and global inventories of old-crop corn.