Markets

CBOT corn climbs 2 percent on fund-driven technical buying

Published November 8, 2016 Updated November 8, 2016 08:40pm

1 min

By Shoaib Ur Rehman

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CHICAGO: Chicago Board of Trade corn futures rose more than 2 percent on Tuesday on fund-driven buying ahead of a monthly supply/demand report from the US Department of Agriculture and spillover strength from soybeans, traders said.

The CBOT December corn contract settled up 8 cents at $3.54-1/4 per bushel after reaching $3.56-1/2, its highest since Oct. 31.

Chart-based buying noted as the contract broke through its 100- and 20-day moving averages.

Analysts surveyed by Reuters on average expected the USDA in its monthly reports on Wednesday to trim its estimates of US corn production and 2016/17 ending stocks.

The USDA said the US corn harvest was 86 percent complete by Sunday, slightly ahead of the five-year average of 85 percent.

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