CHICAGO: US corn futures rose for the second straight session on Wednesday, rebounding from a three-week low notched on Monday amid technical buying and a slow pace of plantings in the Midwest, traders said.
Front-month Chicago Board of Trade May corn futures climbed above both the 10- and 20-day moving averages, finishing unofficially just below their session high of $5.04-1/4 per bushel. Most-active July corn gained 1.5 percent while new-crop December futures rose roughly 1.7 percent.
Rains were forecast late on Wednesday in key growing areas of Nebraska, Iowa and Minnesota, renewing concerns of planting delays following a government report earlier this week showing corn seedings below analyst expectations.
The US Energy Information Administration showed ethanol production last week at an average of 910,000 barrels per day while stocks of the biofuel climbed 566,000 barrels to 16.52 million barrels - the largest stockpile since February.
Friday was the last trading day for CBOT May corn options, with large open interest in calls at the strike prices of $4.90 and $5.00 per bushel.
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