Corn ended higher Monday amid short-covering ahead of Tuesday's supply-and-demand report and widespread commodity gains. March corn ended up 4 1/2 cents at $3.56 a bushel, and May corn ended up 4 1/2 cents at $3.67 1/2. Wheat and soybeans also enjoyed a bounce following recent losses, as a weaker dollar gave support to commodities in general. The gains were mostly attributed to short-covering. Prices were up by more than a dime in early trading before retreating. A couple of traders added that the CFTC commitments of traders reports were supportive, as they showed the market has rid itself of many of the longs that have been trying to flee the market since it started its slide last month.
Market participants are looking ahead to Tuesday's supply-and-demand report, which will be released by the U.S. Department of Agriculture at 8:30 a.m. EST. Analysts are expecting a slight reduction in projected 2009-10 U.S. carryout Tuesday, but fundamentally the market has little reason to rally, they said.
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