Bargain buying and short covering lifted Chicago Board of Trade (CBOT) corn futures on Friday after the market touched an 11-week low a day earlier, traders said. CBOT September corn rose 6-3/4 cents to $3.99-1/2 per bushel. New-crop December corn advanced 7 cents to $4.09-1/2.
Both contracts on Thursday hit their lowest prices since May 16. Mild, dry weather is promoting the development of late-planted US corn and soyabeans, according to a daily US Department of Agriculture weather report. Traders remain uncertain about US crop prospects, following heavy rains that caused unprecedented planting delays this spring.
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