CBOT corn rises on follow-through buying, short-covering
- CBOT July corn was up 2-1/2 cents at $3.33-3/4 a bushel.
- A trader said the unwinding of long soy/short corn spread trades helped lift corn futures.
CHICAGO: Chicago Board of Trade corn futures crept higher on Monday on follow-through buying from last week and short-covering, traders said.
CBOT July corn was up 2-1/2 cents at $3.33-3/4 a bushel.
Large speculators increased their net short position in CBOT corn futures in the week to June 2, regulatory data released on Friday showed.
A trader said the unwinding of long soy/short corn spread trades helped lift corn futures.
The US Department of Agriculture is expected to rate 75% of the US corn crop in good to excellent condition in its weekly crop progress report, up 1 percentage point from a week ago, according to a Reuters poll of analysts.
Traders said they are keeping a close eye on US crop weather, which that looks most favorable. Tropical Depression Cristobal is expected to bring rain to some corn-growing areas later this week, which could aid early growth of the crop, according to forecasters.
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