CBOT corn ends higher on short covering, technical buying
CHICAGO, Oct 15 (Reuters) - Chicago Board of Trade corn futures rose on Wednesday on technical buying and short covering after the market hit its lowest in nearly seven weeks during the previous session.
Sluggish farmer sales of newly harvested grain and firm cash market prices in several locations around the U.S. Midwest lent support to the futures market, analysts said. Trading, however, remained largely range-bound as forecasts for a record-large U.S. corn harvest anchored prices.
CBOT December corn CZ25 settled 3-3/4 cents higher at $4.16-3/4 per bushel. Buying accelerated as the contract broke through technical chart resistance at its 50-day moving average.
An ongoing government shutdown has deprived traders of crucial data on exports, demand and harvest progress, making investors wary of making big moves in the market.
Generally favorable U.S. harvesting weather has limited field work disruptions across much of the Midwest.
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