CBOT corn ends modestly higher in light bounce from contract lows
CHICAGO, June 8 (Reuters) - Nearby Chicago Board of Trade corn futures ended higher on Monday, rebounding from life-of-contract lows as market players covered short positions and hunted for bargains ahead of a monthly crop supply-and-demand report due later this week from the Department of Agriculture, traders said.
CBOT July corn CN26 settled up 1-1/4 cents at $4.18-2/4 per bushel, bouncing after hitting a contract low at $4.12-1/2 a bushel. The market has been in a steep slide since late May, pressured by improving U.S. crop weather and aggressive selling by managed commodity funds.
CBOT new-crop December corn CZ26 ended Monday unchanged at $4.46 a bushel.
Brisk export demand lent support. The USDA confirmed private sales of 103,000 metric tons of U.S. corn to Japan.
Separately, the USDA reported export inspections of U.S. corn in the latest week at 1,911,112 metric tons, above a range of trade estimates for 1,200,000 to 1,900,000 tons. USDA/I
Mostly favorable Midwest crop weather hung over the market, boosting production prospects.
Ahead of the USDA's weekly crop progress report, analysts surveyed by Reuters on average expected the government to rate 69% of the nation's corn crop in good-to-excellent condition, up 2 percentage points from a week ago.
Ahead of the USDA's June supply/demand report due Thursday, analysts surveyed by Reuters on average expected the agency to trim its forecasts of U.S. 2025/26 and 2026/27 corn ending stocks.
Farmers in Brazil's center-south region harvested 4.4% of their 2026 second corn crop as of last Thursday, agribusiness consultancy AgRural said on Monday, up from 2.4% in the previous week and above the 1.9% reported a year earlier.
