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CBOT corn futures end light-volume session higher

CHICAGO: Chicago Board of Trade corn futures closed higher on a mix of commercial and local buying that may have been prompted by ongoing concerns about dry weather in the Midwest, traders said.

Beneficial rain fell in the Midwest last week and more was forecast this week, but some forecasters have pared the amount of rain likely in the Midwest this week. Although spring planting is a month or more away, the change in forecasts reminded traders that soil moisture was still short in many areas.

The commercial buying combined with the change in the forecasts prompted short covering.

"At the end of the day, basically everyone said 'I'm not going to go home short'," said Todd Goll, vice president of ABN-AMRO.

Short-term forecasts have more rain reaching crop areas soon, but recent rainfall has fallen short of forecasts.

"Storms are going to start coming through. But, every one that has come hasn't given us the (rain) amounts we would like," said Goll.

Corn closed 3/4 to 1-1/2 cents higher with May up 1 at $2.26-1/4 per bushel.-Reuters