CBOT corn ends firm as US yield worries spark short covering, fund buying
CHICAGO, Oct 16 (Reuters) - Chicago Board of Trade corn futures climbed on Thursday on short covering and buying by funds and technical traders, and on reports of lower-than-expected U.S. harvest yields, analysts said.
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 remained cautious as forecasts for a record-large U.S. corn harvest anchored prices and as the U.S. government shutdown halted the release of key crop data.
CBOT December corn CZ25 settled 5 cents higher at $4.21-3/4 per bushel. Buying accelerated as the contract broke through technical chart resistance at its 20- and 100-day moving averages.
Forecasts for rain and possible harvesting delays in parts of the Midwest underpinned prices.
Corn also drew spillover support from broader market moves on Thursday, including new record highs in gold and silver and a weaker U.S. dollar.
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