DJ CBOT Corn Review: Closes Higher On End-Users, Tech Support (ENG)

By Ryan Davis Of DOW JONES NEWSWIRES CHICAGO (Dow Jones)--End-user buying and technical support pushed Chicago Board of Trade Corn Futures to a higher close Friday. September corn closed up 4 1/4 cents at $5.77 1/4 a bushel, December corn closed up 4 1/2 cents at $5.96 1/2, and March closed up 4 3/4 cents to $6.16. After a precipitous four-week decline, some analysts said corn was due for a technical bounce. Oversold conditions led to some speculative short-covering, a trader said. Some analysts and traders said they doubted the gains were a sign of a sustained rally, given a lack of fresh fundamentals. "Even on short-covering rallies, it has been difficult to hold the gains, suggesting that the longer term still is lower over the next few weeks or so," said Joel Karlin, manager and commodity sales coordinator at Western... [read full story]