CBOT corn futures higher on short covering
CHICAGO, May 9 (Reuters) - Chicago Board of Trade corn futures bounced on Friday as traders covered short positions ahead of Saturday's meeting between senior U.S. and Chinese officials and ahead of a widely tracked U.S. Department of Agriculture report on Monday, analysts said.
The weekend U.S.-China trade talks in Geneva have been described by White House officials as a step towards de-escalating tensions and containing a trade war between the world's two biggest economies.
The USDA on Monday is expected to report a sharp increase in U.S. corn production this year, according to an analyst poll.
However, ideal planting and growing conditions in the U.S. corn and soy belts have put a lid on prices while the upcoming Brazilian corn harvest is expected to pull global demand away from U.S. corn in the coming weeks.
Exporters sold 228,000 metric tons of corn to Mexico for 2024/25 and 2025/26 delivery, the USDA reported.
CBOT July corn CN25 closed 2-1/4 cents higher to $4.49-3/4 per bushel.
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