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CBOT corn creeps higher before USDA crop data next week

By Reuters News

CHICAGO, Nov 6 (Reuters) - Chicago Board of Trade corn futures finished slightly higher on short covering and technical buying on Friday in a rebound from four-month lows reached this week, analysts said.

  • Traders were waiting for the US Department of Agriculture to update crop estimates in a monthly report due on Tuesday.

  • The USDA will use an artificial intelligence tool to check next week's crop production report after errors in corn data from September, agency officials said.

  • The USDA is expected to peg the nation's corn harvest at 15.962 billion bushels, down from its October estimate of 16.034 billion, according to a Reuters poll of analysts.

  • The harvest would be the second largest in history, after last year's record crop.

  • Drier weather will be favorable for farmers' remaining corn and soybean harvests next week, after rains delayed harvesting in some areas this week, forecasters said.

  • CBOT December corn ended up 1-1/2 cents at $4.41-1/2 per bushel after falling earlier to $4.38-1/2, which matched a four-month low set on Wednesday.

  • For the week, the contract dropped about 1.4%.

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