Corn futures at the Chicago Board of Trade were lower by Tuesday's midsession, pressured by rains moving across Illinois and forecasts for more, traders said. The leading crop state needed moisture to optimise yield potential. July is the key yield determining month for corn as it goes through pollination.
July corn was down 2-3/4 cents per bushel at $2.24, while new-crop December was 2-1/2 weaker at $2.44-1/4 by 11 am CDT (1600 GMT).
The market opened steady to slightly firmer, reacting to supportive monthly stocks data released by the government early Tuesday.
USDA cut nearly 7 million tonnes off its 2005/06 world corn stocks number to reflect a smaller US corn crop.
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