CHICAGO: Chicago Board of Trade corn futures ended higher on Friday on spillover strength from soyabeans and bullish data in the US Department of Agriculture's monthly supply-demand reports, traders said.
CBOT December corn settled up 3-1/2 cents at $3.68-1/2 per bushel after reaching $3.69-1/2, the contract's highest price since March 20.
For the week, the contract rose 10-1/2 cents a bushel or about 3%, its fourth weekly advance in the last five weeks.
The USDA in its monthly supply/demand reports lowered its forecast of the US 2020/21 corn yield to 178.5 bushels per acre, down from 181.8 last month but still a record high if realized.
The USDA cut its estimate of 2020/21 corn production to 14.9 billion bushels, from 15.278 billion in August, and lowered its estimate of 2020/21 harvested corn acres to 83.5 million acres, from 84.0 million previously.
The USDA cut its forecast of US 2020/21 corn ending stocks to 2.503 billion bushels, down from 2.756 billion in August, but above an average of trade expectations for 2.451 billion.