Markets

CBOT corn rises on short-covering bounce

Published October 14, 2016 Updated October 14, 2016 06:34pm

1 min

By Shoaib Ur Rehman

Add BRecorder as a trusted
source on Google

CHICAGO: US corn futures rose 1.1 percent to their highest in nearly three months on Friday on a round of short-covering, traders said.

Technical buying and sluggish farmer sales of newly harvested grain added strength to the market.

Chicago Board of Trade December corn broke through resistance at the high end of its 20-day Bollinger range on Friday.

For the week, corn futures rose 4.1 percent, its biggest weekly gain since late May.

Weekly corn export sales for the 2016/17 crop year were 873,400 tonnes, the US Agriculture Department said on Friday. Trade forecasts for corn ranged from 800,000 to 1.1 million tonnes.

Read Comments