US corn futures closed higher on Wednesday amid support from flooding in the US Midwest that has trimmed prospects for the 2008 corn crop, traders said. CBOT corn closed 3 to 16-1/4 cents per bushel higher, with July up 4 at $7.46-1/4 per bushel. Funds bought 2,500 lots.
Late rally in crude oil aided advances in corn. Rainfall in west and southern Midwest over next 3-5 days considered unfavourable to crops but drier weather in other areas seen as favourable. Cargill declares force majeure on corn syrup. Many levees on Mississippi at risk Corps Engineers says 285,000 acres farmland at risk. US President George W. Bush will visit Iowa on Thursday to see the damage.
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