CBOT corn ticks higher on short covering
CHICAGO, June 27 (Reuters) - Chicago Board of Trade rose on Friday from multi-month lows, supported by short covering and a weakening dollar, analysts said.
CBOT September corn CU25 settled 7-1/2 cents higher to $4.11-1/2 per bushel.
Traders were also adjusting positions as they turned their attention to U.S. Department of Agriculture acreage, stock and crop progress reports on Monday. USDA/EST
A plentiful global supply of corn has kept a lid on prices.
Brazilian farmers will produce a record 123.3 million metric tons in the second corn crop, agribusiness consultancy Agroconsult forecast on Tuesday after surveying fields in key producing regions nationwide.
Further weakness in the dollar, as investors see chances of bigger U.S. interest rate cuts this year, also helped underpin commodity markets. FRX/
Warm weather and rains have created ideal growing conditions for soybeans and corn in the U.S. Midwest, while in Brazil farmers are expected to harvest a bumper second corn crop following a record soybean harvest earlier this year.
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