US corn futures closed sharply higher on Monday, boosted by a freeze over the weekend that likely harmed some of the immature US crop and on rain/snow this week that will slow corn harvest. CBOT December corn closed 19 cents per bushel higher at $3.81-1/4. Funds bought 6,000 lots. Additional support from higher crude oil, weak dollar and gains in equities.
Nearby contract hits session high of $3.83-1/2, highest level since June 29. Season-ending hard freeze through most crop areas west of the Mississippi River and some areas east of the river. Any immature crops were harmed by the weekend cold snap and rain and snow this week to slow harvesting. China pledges to stockpile new corn, soybean crops. Large speculators add to long position in CBOT corn during week ended last Tuesday. US cash corn bids flat around Midwest. No farmer selling.
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