CBOT corn advances as USDA confirms more US export sales
CHICAGO, Nov 4 (Reuters) -Improving U.S. export demand supported most-active Chicago Board of Trade corn futures on Monday, analysts said.
Exporters struck deals to sell 150,000 metric tons of U.S. corn to Mexico and 120,000 metric tons of U.S. corn to unknown buyers, the U.S. Department of Agriculture said in a daily reporting system. They were the latest in a flurry of recent sales.
Speculators reversed course in the Chicago corn market last week, scrapping what had been relatively fresh short bets as U.S. corn export demand hits a fever pitch.
The U.S. corn harvest is winding down, reducing pressure on futures prices, traders said. Rains this week will hamper farmers from finishing their harvests, traders added.
The U.S. corn harvest is expected to be 90% complete in a weekly USDA report due out later on Monday, according to a Reuters poll of analysts.
CBOT most-active December corn CZ24 was up 2 cents at $4.16-1/2 per bushel at the close of trading.
On Tuesday, traders will monitor the U.S. presidential election.
Reporting by Tom Polansek in Chicago; Editing by David Gregorio
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