CBOT corn up slightly as traders await crop tour results
CHICAGO, Aug 21 (Reuters) -Chicago Board of Trade corn futures ticked up on Wednesday in a choppy session, as hedge funds unwound short positions and traders monitored the results of a crop tour.
Most-active December CZ24 corn ended 1/4 cent higher at $3.98-1/4 per bushel.
Midwest scouts for the Pro Farmer crop tour estimated above-average yields in Nebraska and Indiana cornfields on Tuesday. The tour will survey top producers Iowa and Illinois on Wednesday.
The crop tour results have failed to add to already high expectations for the upcoming harvests, analysts said.
Worries about shipping delays due to a looming Canadian rail stoppage are stoking market uncertainty. Canada is the fifth-largest importer of U.S. corn by value.
Traders say hedge funds may be exiting out of their large short positions in corn as prices appear to bottom out.
Reporting by Heather Schlitz; Editing by Rod Nickel
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