Chicago Board of Trade corn futures were choppy early Wednesday, showing some firmness as the market tries to recover from its summer price slide on outlooks for a record-breaking US crop, traders said.
Corn futures were 1/4 to 1 cent higher by 10:40 am CDT (1540 GMT). September was up 1/2 cent at $2.19-3/4 and December was 3/4 higher at $2.29-1/2.
Corn came through July pollination with little threat to yields and current weather forecasts remain favourable for kernel filling. That has reinforced prospects that US farmers will harvest a huge crop this fall.
Trade estimates were surfacing ahead of USDA's August 12 crop report. Iowa-based brokerage firm FC Stone late Tuesday pegged this year's corn crop at a record high 10.938 billion bushels, sharply above USDA's forecast in July for 10.635 billion. The estimate reflects an average yield of 149.1 bushels per acre, above USDA's current estimate of 145 bushels.
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