CBOT corn ends firm, following soybeans and crude oil

Chicago Board of Trade corn futures ended modestly higher on Monday, supported by strength in soybeans and crude oil futures, traders said.

• CBOT December corn ended up 3 cents at $5.33-1/4 per bushel, but stayed inside Friday's trading range and below a life-of-contract high set on September 2.
• Crude oil settled about 1% higher on mounting worries about energy supplies following tensions in the Middle East. Corn sometimes follows trends in crude oil given its role as a feedstock for ethanol fuel.
• The U.S. corn harvest is expanding, but forecasts called for heavy rains that could slow field work in portions of the Midwest this week, including Iowa, the top U.S. corn producer. The National Weather Service posted flood watches in central and southwestern Iowa on Monday afternoon.
• Ahead of the U.S. Department of Agriculture's weekly crop progress report, analysts surveyed by Reuters on average expected the government to report corn harvesting as 9% complete nationally.
• Analysts on average expected the USDA to rate 55% of the U.S. corn crop in good to excellent condition, down from 56% the prior week.
• The USDA reported export inspections of U.S. corn in the latest week at 1,525,481 metric tons, in line with trade expectations for 1,250,000 to 1,775,000 tons.