By
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.