US MIDDAY: corn moves up on commercial hedge pressure

Corn futures at the Chicago Board of Trade shot to a two-month high Wednesday amid worries that cool weather was slowing corn growth and that the eastern US Midwest rain could be dry for at least the next week, traders said. But market moved off its highs as the rally sparked commercial hedge pressure, traders said. Old-crop July was up 1/2 cent at $2.21-3/4 per bushel, while new-crop December was 3/4 cent firmer at $2.39 by 11:35 am CDT (1635 GMT). The other months were 2-1/4 cents higher to 1 cent down. "Some forecasters are not optimistic about rain chances next week. No one wants to be short," said Vic Lespinasse, a floor broker with A.G. Edwards.