CHICAGO: Chicago Board of Trade corn futures ended higher on Friday on technical buying and short-covering ahead of the weekend, while optimal US crop weather and a rebound in the dollar capped the rally, traders said. CBOT July corn settled up 2-1/4 cents at $3.31-1/4 per bushel. For the week, the July contract rose 5-1/2 cents per bushel or 1.7%, its second straight weekly advance.
Commodity funds held a sizable net short position in CBOT corn futures as of late May, a factor that appeared to trigger fund short-covering this week, analyst said. Strength in corn futures was limited by a rebound in the dollar, which tends to make US grains less competitive on the world export market.