Corn futures at the Chicago Board of Trade were called to open 1 to 2 cents higher on Friday in a recovery from Thursday's slump. Futures are expected to be supported by gains in CBOT soybeans and brisk export demand but the advancing harvest and talk of higher-than-expected yields could cap the upside.
In overnight trade, September corn, which expires on Friday, rose 3/4 cent to $3.31-1/2 per bushel. New-crop December ended 3/4 cent higher at $3.47-1/2. On Wednesday, the USDA raised its estimate of corn production in the United States this year. In its September report, the USDA pegged US corn production in the 2007/08 marketing year that began September 1 at 13.308 billion bushels, up from its August forecast of 13.054 billion.
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