Chicago Board of Trade (CBOT) corn futures ended higher on Friday, settling near the day's top on a late round of technical buying including short-covering, along with worries about poor weather slowing plantings in portions of the Midwest, traders said. CBOT May corn settled up 1 cent at $3.61 per bushel. For the week, the contract fell 1-1/2 cents or 0.4 percent, retreating from a 1.7 percent advance the previous week.
Commodity funds hold a massive net short position in CBOT corn futures, leaving the market vulnerable to bouts of short-covering. Rallies capped by strong corn harvest prospects in Argentina and Brazil.
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