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May corn was up 13 cents at $5.97 per bushel, new-crop December up 11-1/2 at $6.04-1/2. Contract highs hit in front seven contracts; July 2009 set an all-time high at $6.15. Market supported by wet weather in US Midwest, leading to possible shift away from corn plantings to soya.
More rain forecast for this week, with the heaviest amounts expected in the southern Midwest. Traders said there is lingering support in the corn futures market from USDA's bullish stocks and acreage reports that were released on Monday. Midwest spot basis bids were mixed amid scattered farmer selling. Asian trade for corn was up 5-1/4 to down 2 cents per bushel.

Copyright Reuters, 2008

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