Chicago Board of Trade corn futures edged higher on Wednesday on short-covering following recent contract lows and on firm cash markets, traders said. The market remained capped by abundant supplies. Trading was rangebound, with investors squaring positions ahead of the long Christmas holiday weekend. Markets close early on Friday and will remain closed on Monday for the holiday.
Benchmark March futures ended 1-3/4 cents higher at $3.49-1/4 a bushel. The benchmark contract had touched contract lows in each of the previous three sessions. Ethanol production slipped last week to 1.08 million barrels per day. Although the pace was down 12,000 barrels per day, traders said strong corn use by the sector suggested the US Department of Agriculture's current annual corn use forecast was understated, analysts said.
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