Corn futures at the Chicago Board of Trade were higher by Friday's midsession on short covering after the sharp 9-to-11-cent declines posted on Thursday, traders said.
The biggest jump in prices was in the new-crop months as recent rains and flooding were seen limiting US corn acreage and yield potential. Traders still expect farmers to raise a record corn crop of more than 10 billion bushels, but that's down from recent estimates of 10.7 billion to 10.8 billion.
Projected 2004/05 demand of 10.5 billion is so strong that every bushel will be needed and carryout will likely be trimmed even with a record crop. The rally in CBOT soybeans also supported corn.
CBOT corn futures were up 1/2 to 3-1/2 cents per bushel. July corn was up 1/2 at $3.11-1/4 and new-crop December was 2-3/4 higher at $3.12-3/4.
CBOT oats were up 1-1/2 to 2-1/4 cents per bushel, following soybeans and corn higher. July oats were up 1-3/4 at $1.48-1/2.
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