CBOT corn up, jumps 3.8% this week on US weather worry, short covering
Chicago Board of Trade corn futures finished higher on Friday on worries that excessive heat may threaten developing U.S. crops, analysts said.
Temperatures will increase across the Corn Belt starting next week, weather forecaster Vaisala said. Heat stress is possible in southwestern areas but probably not across the heart of the region, the firm said.
Some traders said they were questioning whether the crop will achieve high, private yield forecasts, though expectations for a large harvest still loomed over the market.
Short covering and technical buying supported prices ahead of the weekend, traders said.
New-crop CBOT December corn (CZ25) ended up 6-3/4 at $4.27-3/4 a bushel and reached the highest price since July 3. The contract posted gains of 3.8% for the week after reaching lows on Monday.
