US corn futures closed higher on Monday, rallying on softening US dollar and spillover strength from soyabeans and expectations of index funds buying ag commodities in 2010. CBOT December up 2-3/4 cents at $3.92 per bushel, March up 4 at $4.08-1/2. Funds bought 6,000 lots.
USDA reports export inspections of US corn in the latest week at 28.088 million bushels, within trade estimates for 27 million to 32 million. Wet conditions in the US Midwest keeping harvest slow in the south and east, while snowcover limits harvest in the west and north. Snow to disrupt US corn harvest. Traders expect USDA late on Monday to show US corn harvest 90 to 94 percent complete, up from 88 percent a week ago.
Exporters sell 116,000 tonnes US corn to unknown - USDA. Hot corn market buying US acres for 2010. Deliveries on CBOT December 1,706 lots. Managed funds trim net long in CBOT corn during week ended Tuesday. US cash corn basis mostly steady early Monday amid slow farmer selling. CBOT March oats was down 1/4 at $2.58-3/4.