CHICAGO: Chicago Board of Trade (CBOT) corn futures rose on Friday on expectations that the US government will lower its US harvest forecast in a monthly report next week, traders said.
December corn rose 4-1/2 cents to close at $3.71-1/4 per bushel, ending the week up 1 percent. Buying accelerated as the contract broke through chart resistance at its 20- and 100-day moving averages.
Ample corn supplies continue to hang over the market as farmers are nearly finished harvesting a bumper US crop, but poor harvest weather in the Midwest has trimmed yields.
The US Department of Agriculture (USDA) is due to release its monthly supply-and-demand report next Thursday, which is expected to show a smaller US corn yield than it reported the previous month.
Analytics firm Informa Economics cut its US corn yield forecast on Friday by 2.4 bushels per acre (bpa) to 179.7 bpa.
The USDA on Friday confirmed private sales of 200,900 tonnes of US corn to Mexico for shipment in the 2018/19 marketing year.
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Source: Brecorder
