CBOT corn futures higher

CHICAGO: Chicago Board of Trade corn futures closed higher on Thursday on spillover strength from wheat and soyabeans and a weaker dollar, which tends to make US grains more competitive globally, traders said.

Also, commodity funds hold a large net short position in CBOT corn futures, leaving the market prone to bouts of short-covering. CBOT July corn settled up 5 cents at $3.29 per bushel, while traders noted technical resistance at last week's high of $3.30-3/4.

The dollar index has declined for the past two weeks as risk sentiment improves and equities surge on optimism that the worst of the economic downturn from the coronavirus has passed.