CBOT corn futures firm on hot weather risks, short covering
CHICAGO, July 24 (Reuters) -Chicago Board of Trade corn futures rose for the third day on Wednesday, on short-covering and concerns about weather-related impacts on the U.S. crop, market analysts said.
CBOT September corn CU24 settled up 1-1/4 cents at $4.03-3/4 per bushel and most-active December CZ24 corn ended up 3/4 cent at $4.18 per bushel.
Forecasts for a hot, dry spell in parts of the central U.S. supported prices, analysts said.
Traders are paying attention to reports from the western U.S. Corn Belt, where fields are showing signs of plant stress due to excessive rainfall during the spring and early summer, market analysts said.
Investors anticipated ample supply and amassed large net short positions in recent weeks, according to analysts, and light short covering continued.
The ASAP Agri consultancy has slashed its forecast for the 2024 Ukrainian corn harvest by 5 million metric tons to 24.1 million, it said on Wednesday.
Reporting by Renee Hickman
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