US MIDDAY: corn weaker on profit-taking setback

Corn futures at the Chicago Board of Trade were weaker late Wednesday morning on a profit-taking setback after Tuesday's climb to a four-week high, traders said.
Also bearish was heavy rain forecast this week for the Midwest, particularly the drier areas of central Illinois, they said. Beneficial moisture should help fill corn kernels, increasing prospects that US farmers could harvest a record-large crop of nearly 11 billion bushels this fall. But corn came off its lows as soybeans rallied on processor demand for nearby beans.
CBOT corn futures were 1/2 cent to 1-1/2 cent per bushel lower by 10:40 am CDT. September was down a penny at $2.27-1/2 and December was 1-1/2 lower at $2.38-1/4.
Early sellers included Tenco with 500 December and FC Stone with 200 December.