Chicago Board of Trade (CBOT) corn futures closed modestly higher on Tuesday on technical buying a day ahead of the US Department of Agriculture's monthly supply/demand report and concern about excessive moisture in portions of the Midwest, traders said. CBOT July corn settled up 1/2 cent at $3.66-1/2 per bushel but stayed inside of Monday's trading range.
Forecasts added some unwanted rain to outlooks for the southern Midwest, but other areas should see a dry spell for planting ahead of showers next week. Analysts said portions of crops in the southern Midwest may need to be replanted following excessive rains since late April. The USDA on Monday said the US corn crop was 47 percent planted, behind the five-year average of 52 percent but above an average of analyst expectations for 44 percent. USDA's monthly supply/demand report, due Wednesday, will include the government's first official forecasts of 2017/18 crop production and usage. The CBOT reported 712 deliveries against May corn futures.
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