CBOT corn rises from contract lows on short-covering, bargain-buying
CHICAGO, July 9 (Reuters) - Chicago Board of Trade corn futures closed higher on Wednesday, as the market rebounded slightly after hitting contract lows under pressure from favorable U.S. crop prospects, traders said.
Short-covering and bargain-buying helped the market recover, they said.
U.S. weather conditions continue to look largely beneficial for crops.
The next 15 days will likely be the most critical period of development for the corn crop, and near-normal temperatures are expected in most areas of the Midwest, weather firm Vaisala said.
The U.S. Department of Agriculture on Thursday is expected to report weekly U.S. export sales of 375,000 to 900,000 metric tons for 2024-25 and 150,000 to 700,000 metric tons for 2025-26, analysts said in a Reuters poll.
The USDA on Friday is slated to issue monthly supply/demand estimates. Analysts expect USDA will lower its corn carryout estimates for 2024-25 and 2025-26, according to a Reuters poll.
CBOT December corn CZ25 finished up 1-1/4 cents at $4.15-1/2 a bushel.
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