CBOT corn hits 2-month high on weak dollar, US crop size uncertainty
CHICAGO, Sept 16 (Reuters) - Chicago Board of Trade corn futures hit their highest level in more than two months on Tuesday, buoyed by a weaker dollar and uncertainty about the size of the U.S. crop, traders said.
CBOT December corn CZ25 settled up 6-1/4 cents at $4.29-1/2 per bushel after reaching $4.31-1/4, the contract's highest since July 3.
Declines in the dollar set the tone, making U.S. grains more competitive in the global marketplace. The greenback .DXY fell across the board as investors anticipated the U.S. Federal Reserve will kick off a series of interest rate cuts on Wednesday. FRX/
The U.S. Department of Agriculture last week projected a record-large corn crop, but anecdotally, some early-harvested crops are showing the effects of dry weather and disease.
The harvest is still in its early stages. USDA said on Monday that the U.S. corn harvest was 7% complete, behind most trade expectations but matching the five-year average pace.
Commodity funds hold a net short position in CBOT corn futures, leaving the market prone to bouts of short-covering.
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