July 7th, according to media reports, the Chicago Board of Trade (CBOT) corn futures market closed up on Thursday, of which the benchmark period closed about 2.60% higher, mainly supported by technical buying and short covering.
Corn prices fell as low as $4.8550, the lowest level in 2-1/2 years on Wednesday, before rebounding on Thursday as technical buying and short covering emerged, traders said.
While recent rains have eased some concerns about dry soil in key producing regions, traders remain concerned about insufficient soil moisture, especially for corn.
Subsoil moisture remains an immediate threat and the corn crop could reach average yields with regular rainfall and cooler temperatures for the remainder of the growing season, one analyst said.
But subsoil moisture is currently extremely low, leaving crops vulnerable to any heat and dryness in the coming weeks.
