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US corn futures inch higher on rain forecasts, short covering

US corn futures inch higher on rain forecasts, short coveringCHICAGO: US corn futures inched higher on Monday, enjoying a small rally as forecasts of more rain hitting the Midwest in the next six to 10 days fueled concerns over crop quality and even more harvest delays, traders said.

CBOT December corn settled up 2-1/2 cents at $3.69-1/2 per bushel on Monday, halting a previous four-session slide.

Corn contracts also saw some continued support from a Bloomberg News report last week that Marathon Petroleum Corp is considering selling high-ethanol (E15) gasoline in Minnesota, traders said.

Minnesota, which has 19 ethanol plants in the state, is the fourth-largest producer of corn-based ethanol in the United States, according to data from the US Energy Information Administration.

Traders said they were waiting weekly US data on Monday about crop conditions and export inspections, to be able to garner fresh signals about harvest progress and overseas demand.

Ahead of the USDA’s weekly crop progress report due later on Monday, analysts on average expected the government to report the US corn harvest as 51 percent complete, up from 39 percent a week ago.

Copyright Reuters, 2018
 


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