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May corn was up 16-3/4 cents at $5.84 per bushel, new-crop December up 12 at $5.93. Rallied as soyabeans rose. Lingering support from bullish USDA quarterly stocks and planting figures issued on Monday. Both numbers came in lower than most analysts expected.
Funds bought 6,000 to 7,000 lots. Soggy US Midwest fields get more rain, which is delaying fieldwork and early corn planting in southern belt. Spot US Midwest basis bids for corn were mostly steady to firm amid slow farmer sales. Wet weather in Midwest leading to worries about delayed seedings. Fewer US corn acres means even tighter stocks. Smaller US corn crop renews food versus fuel debate. Cash basis steady to firm.
May contract above all key moving averages, with first support at 20-day MA of $5.53 per bushel. Nine-day RSI at 68. Oats closed up 15 to 17-1/2 cents per bushel on fresh fund buying and gains in soy and corn. A lack of commercial selling also supportive. May was up 16-3/4 at $3.88.

Copyright Reuters, 2008

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