Corn futures at the Chicago Board of Trade were mixed early on Friday with nearby delivery months weak, but new contract highs were set for the new-crop 2007 delivery months, traders said.
The abundant supply of feed grains continues to limit advances in nearby contracts. Distant months were finding support from expected declines in corn stocks amid solid demand from the ethanol industry and consistent buying for the export and livestock sectors.
At 10:23 am CDT (1523 GMT), CBOT corn was 1-1/4 cents per bushel lower to 1 cent higher, with May down 1-1/4 at $2.40-1/4 per bushel. A new high was set in the December 2007 contract at $2.89-1/2.
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