Corn futures on the Chicago Board of Trade climbed to the day's highs at midsession on Wednesday, rallying in choppy trade on buying in the electronic market, floor traders said. Volume was thin in the open-outcry pit, they said.
As of 11:22 am CDT, September corn was up 3-1/2 cents at $3.31 per bushel after reaching $3.33-1/2. Traders continued to keep watch on the financial woes of fund manager Sentinel Management Group, which faced difficulty meeting redemption's sought by clients. In overnight trade, September corn settled 2-3/4 cents higher at $3.30-1/4 per bushel with December corn up 2-1/4 cents at $3.47-1/4. "There'll be support from wheat's technical uptrend," said grains analyst Joe Victor of Allendale Inc.
CBOT wheat futures hit fresh 11-year highs in overnight trading amid tight global supplies, supply woes in Europe, and strong export demand for wheat from the United States.
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