CHICAGO: Chicago Board of Trade (CBOT) corn futures jumped on Wednesday as rains throughout the US Midwest and forecasts for more rain over the next two weeks fueled worries about delayed spring planting, traders said.
* Short-covering also lifted futures. Commodity funds hold a massive net short position in CBOT corn futures, leaving the market susceptible to bouts of short-covering.
* CBOT July corn ended 6 cents highs at a two-week high of $3.68-1/2 per bushel. Technical buying accelerated gains as the contract pushed above its 20-day moving average.
* Forecasters expect above-average precipitation over the next 15 days across much of the US Midwest that could further delay planting. Cool temperatures over that time may also slow drying of fields.
* The US Department of Agriculture is due to release weekly export sales data early on Thursday. Analysts are expecting 600,000 to 1,000,000 tonnes of old-crop corn sales and up to 100,000 tonnes in new-crop sales.
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