Corn futures on the Chicago Board of Trade were up early on Wednesday following a strong rally in soyabeans, traders said. At 10:24 am CDT (1524 GMT), CBOT corn was up 1-1/2 to 4 cents per bushel, with December up 3-1/2 at $3.46 per bushel. "Corn is just going along for the ride today," a trader said.
Traders said talk that the US Agriculture Department would slash its estimate for 2007 US harvested soyabean acreage on Friday and fresh export interest in soya were leading to a sharp rally in the soya complex. Export activity overnight featured news South Korea's Nonghyup Feed passed on a tender for 330,000 tonnes of corn because of high freight costs and the Korea Processing Industry Association bought 55,000 tonnes.
Technical support was at $3.39-1/2 per bushel and resistance at $3.44-1/2 was broken, driving the contract to a session high of $3.48-1/2. Oat futures were unchanged, with December at $2.72.
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