US corn futures closed higher on gains in equities on Monday and on spillover support from a rally in soya as the 2009 US corn and soyabean acreage bidding war heats up. CBOT May corn closed 3 cents per bushel higher at $3.91-1/2 per bushel.
Firm equities and weak dollar supportive. Corn surged relative to soya late last week. Corn prices continue to find support from release last week by Informa Economics of a low estimate for 2009 US corn acreage. Funds slash net short position in CBOT corn - CFTC. US cash corn steady amid increased farmer selling. CBOT May oats closed 2-1/2 higher at $1.88-1/2 per bushel.