Corn futures on the Chicago Board of Trade closed higher on Monday in a shortened session ahead of the US July Fourth holiday, supported by fears of hot and dry weather expanding in the western Midwest later this month, traders said. CBOT September corn settled up 7-1/2 cents at $3.88-1/2 per bushel after reaching $3.96, its highest since June 9, while new-crop December ended up 7-1/4 at $3.99-1/4.
Rallies capped by moderate farmer selling, traders said. Some forecasts reduced chances for much-needed rains in central Illinois this week. The USDA said private exporters sold 114,300 tonnes of US corn to Mexico, including 22,860 tonnes for 2017/2018 delivery and 91,440 tonnes for 2018/19. Traders said funds appeared to be covering short positions after supplemental data from the US CFTC on Friday showed large speculators widened their net short position in CBOT corn by 55,228 contracts in the week to June 27, to 150,516 lots.
US markets, including CBOT grains and soya, will be closed on Tuesday for the holiday, with trade reopening Wednesday at 8:30 am CDT (1330 GMT). The US Department of Agriculture's weekly Crop Progress report is delayed until Wednesday.