Chicago Board of Trade corn futures firmed early Wednesday on good commercial buying and fund short covering, but gains were limited by forecasts for a record 2004 US corn crop, brokers said.
CBOT corn futures were last up 1-3/4 cents to 3-1/2 cents per bushel, with December up 3-1/2 cents at $2.08, after topping its 10-day moving average of $2.06-1/2. The gains followed the match on Tuesday of its recent contract low of $2.02-1/2. CBOT March corn was last up 3-1/2 cents at $2.18-1/2 per bushel.