CBOT corn closed 1/2 to 1-3/4 cents per bushel higher, with March up 1-1/2 at $2.04-3/4 per bushel. Volume was estimated at 52,512 futures and 10,952 options.
Traders said that despite the firm close, the corn market continues to struggle against the bearish tone stemming from the production this year of a record-large corn crop in the United States and by the abundant stockpile of feedgrains globally.
Also the corn market was weakened technically at midweek when the March contract on Wednesday broke below support at its 20-day moving average of $2.05-1/4. That level now serves as short-term resistance and was the session high for March on Thursday. The nine-day relative strength index closed Thursday at 47, above the benchmark 30 level that chartists view as an oversold mark.
Traders gave a neutral nod to updated export information from the US Department of Agriculture.
USDA Thursday said US corn export sales last week totalled 751,700 tonnes. That's within the range of estimates for 650,000 to 850,000 tonnes. The export arena overnight included news South Korea bought 187,500 tonnes of corn for feed production in private talks. Cash basis bids for corn were mostly flat across the US Midwest with business down to a trickle as the year neared its end.
Pit sources said the trading volume was light ahead of the holiday break. Markets closed early at noon CST (1800 GMT) on Thursday and will remain closed on Friday, New Year's Eve. Trading will resume with the overnight e-cbot session on Sunday.