CBOT corn rises on short-covering; massive stockpiles limit gains

CHICAGO: Chicago Board of Trade (CBOT) corn futures ended slightly higher on Wednesday, with the market underpinned by short-covering and concerns about planting delays.

But the massive domestic stockpile, which pushed corn prices to a four-month low last week, continued to hang over the market and limited buying opportunities.

Analysts were expecting a US Department of Agriculture report on Thursday morning to show w

eekly export sales of corn in a range from 700,000 to 1.250 million tonnes. A week ago, wheat export sales totaled 989,972 tonnes.

Private analytics firm IEG Vantage, formerly known as Informa Economics IEG, raised its forecast of Brazil's 2018-19 corn harvest to 94.5 million tonnes, up 500,000 tonnes from its previous figure.

IEG Vantage forecast Argentina's 2018-19 corn harvest at 46.5 million tonnes.