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CBOT corn ends mostly firm on weather jitters

CHICAGO: Corn futures at the Chicago Board of Trade closed mostly firm on Monday amid concerns over weather in the US Midwest growing region, but commercial selling limited the gains, traders said.

Corn closed 1 cent higher to 1/4 lower, with May up 1/2 at $2.32-1/2.

The market was pressured most of last week following rain in the Midwest, where many areas had been depleted of soil moisture by an unseasonably warm and dry winter.

Weather Services Corp. early Monday cited only light rainfall over the weekend in the US Midwest and forecast minimal amounts of rain through the balance of this week. Significant and steady rainfall is needed in the Midwest to ensure satisfactory crop production.

The US government recently issued warnings of possible drought in the Midwest this spring.

There was a forecast during late dealings Monday hinting at normal to above normal rainfall in the US Midwest. Traders said that forecast temporarily weighed on CBOT corn futures in late trading.

Traders said the commercial selling was possibly tied to stepped up grain movement in cash markets, where farmer selling had been limited of late.-Reuters