Short-covering today helped corn trade higher. Traders are trying to move on concerns of planting delays. “Funds are said to be holding a record short position in corn, which leaves the market vulnerable to short-covering rallies,” Ami L. Heesch of CHS Hedging said.
“The market is holding support on ideas that prices are cheap enough for this time of year,” Jack Scoville of the Price Futures Group said. “Most producers did little or no fall preparation so many still need to apply fertilizers and other chemicals before starting to plant. The crop could be planted late unless the weather improves soon, but forecasts call for more systems to develop over the next couple of weeks and for temperatures to remain cool.”