CBOT corn ends firm, following strength in soybean futures
CHICAGO, Sept 9 (Reuters) -Chicago Board of Trade corn futures ended modestly higher on Monday on spillover strength from soybean futures and positioning ahead of monthly supply/demand reports due later this week from the U.S. Department of Agriculture (USDA), traders said.
Benchmark CBOT December corn CZ24 settled up 1 cent at $4.07-1/4 per bushel.
Ahead of the USDA's weekly crop progress report due later on Monday, analysts surveyed by Reuters on average expect the government to lower its condition ratings for both corn and soybeans.
Ahead of Thursday's monthly supply/demand reports, analysts on average expect the USDA to trim its estimate of the U.S. 2024 corn yield.
Commodity funds hold a net short position in CBOT corn futures, leaving the market open to bouts of short-covering.
The USDA reported export inspections of U.S. corn in the latest week at 836,413 metric tons, in line with a range of trade estimates for 600,000 to 1,250,000 tons. USDA/I
Brazilian farmers in the country's key center-south region had planted 15% of the expected area for the 2024/25 first corn crop as of last Thursday, consultancy AgRural said, up from 8% a week earlier but short of the previous season's 17%.
Reporting by Julie Ingwersen; Editing by Aurora Ellis
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