CBOT corn closes firm on technical buying

CHICAGO: US corn futures rose on Monday on technical support stemming from a higher close on Friday, traders said.

Prices sank to seven-year lows last week after the US Agriculture Department predicted a record large harvest this fall. But the market eked out a slight gain on Friday, which traders took to mean that the robust production forecast had been fully digested.

Consolidation for CBOT December corn was noted at its 20-day moving average. The contract closed just above that key technical point for the first time since June 21.

Weakness in the wheat market pulled corn from its session highs.