CBOT corn climbs nearly 3% on short-covering, soy strength
CHICAGO, Sept 23 (Reuters) -Chicago Board of Trade corn futures closed higher on Monday as soybean futures Sv1 hit a near seven-week peak, spurring a round of short-covering in both markets ahead of the month's end, and as weekend showers slowed the pace of Midwest harvesting, brokers said.
CBOT December corn CZ24 settled up 11-3/4 cents at $4.13-1/2 per bushel but stayed below last week's high of $4.15.
The contract's 2.9% climb represented the biggest single-day advance for the most-active corn contract Cv1 since March 28.
Commodity funds hold a sizable net short position in CBOT corn and soybean futures, leaving the market open to short-covering rallies.
Strong export inspections data lent support. The USDA reported export inspections of U.S. corn in the latest week at 1,102,826 metric tons, above a range of trade estimates for 475,000 to 900,000 tons.
Ahead of the USDA's weekly crop progress report due later on Monday, analysts surveyed by Reuters on average expected the government to show the U.S. corn harvest as 17% complete and the soybean harvest as 13% complete.
Reporting by Julie Ingwersen; Editing by Alan Barona
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