CBOT corn futures rise on short-covering

Chicago Board of Trade corn futures rebounded from a 10-1/2-year low on Wednesday, rising 2.4% on a round of short-covering traders said. Technical resistance for the benchmark CBOT July corn contract was noted at its 10-day moving average. Support from overnight weakness was noted at the low end of its 20-day Bollinger range.

Expectations for sharply reduced demand from the ethanol continued to weigh on the corn market. The Energy Information Administration said that US ethanol output fell 7,000 barrels per day to an all-time low of 563,000 bpd in the week ended April 17.