CBOT corn firms in rebound from 2-month low, export demand

By Reuters News

CHICAGO, Oct 12 (Reuters) - Chicago Board of Trade corn firmed on Monday in a technical and short-covering rebound from steep declines in the prior session and as Friday's price drop sparked fresh demand.

  • The US Department of Agriculture on Friday forecast US corn production at 16.034 billion bushels, with an average yield of 181.2 bushels per acre, both well above most trade estimates. If realized, it would be the second-highest US harvest on record.

  • Gains were capped by rising supplies as farmers are actively harvesting corn amid mostly dry weather around the Midwest.

  • The USDA is due to release its weekly crop progress report on Tuesday, a day later than normal due to a federal holiday on Monday.

  • CBOT December corn settled 3-1/4 cents higher at $4.83 a bushel. The benchmark contract hit overhead technical chart resistance at its 100-day moving average.

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