CBOT corn ends higher on US yield concerns, firm cash markets
CHICAGO, Oct 17 (Reuters) - Chicago Board of Trade corn futures ended higher for a fourth straight day on Friday and notched a weekly gain for the first time in more than a month, supported by firming cash market prices and reports of lower-than-expected U.S. harvest yields.
Sluggish farmer sales of newly harvested grain have supported basis bids in several locations around the U.S. Midwest. Farmers have been storing grain instead of selling it at prices below their cost of production.
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 held technical chart support at its 100-day moving average and rose to the highest point since September 26. The benchmark contract settled 3/4 cent higher at $4.22-1/2 per bushel, up 2.3% in the week. It was the first weekly gain in five weeks.
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