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Short-covering lifts CBOT corn to two-week high in most-active contract

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CHICAGO, Feb 28 (Reuters) -Chicago Board of Trade corn futures set a two-week high on short-covering on Wednesday, brokers said, extending a rebound from recent three-year lows.

  • Traders are watching for deliveries against CBOT March corn futures CH24 on first notice day on Thursday.

  • The U.S. Department of Agriculture is also slated to issue weekly grain and soy export sales data on Thursday. Analysts expect 2023/24 U.S. corn export sales of 600,000 to 1.2 million metric tons for the week ended Feb. 22.

  • Large world supplies and competition for global export business continue to loom over the market, limiting rallies.

  • Front-month CBOT March corn CH24 ended up 5 cents at $4.13-1/4 a bushel, after falling on Monday to $3.94-1/2. That was the lowest price for a nearby contract since November 2020.

  • Most-active May corn Cv1 ended up 5 cents at $4.28-1/2 per bushel and reached its highest price since Feb. 14.

Reporting by Tom Polansek; editing by Jonathan Oatis


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