Chicago Board of Trade (CBOT) corn futures closed higher for an eighth straight session on Wednesday on worries that rain-stalled US planting and soggy fields would reduce production this year. Corn gains were clipped by technical selling in the overbought market and by profit-taking following the market's rise to one-year highs on Tuesday.
CBOT July corn ended up 1/4 cent at $3.94-1/2 cents a bushel. The contract held chart support at its 200-day moving average. Rainy weather has delayed US corn planting and forecasts for more rain, particularly in the western Midwest, suggest farmers may remain sidelined for at least a week. Delayed corn seeding is expected to prompt some farmers to switch to soybeans or leave fields unplanted. Planting corn late or under adverse field conditions could lead to lower yields. The US Energy Information Administration on Wednesday said ethanol production increased slightly last week and stocks increased.
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