Corn futures at the Chicago Board of Trade were firm on Tuesday on spillover buying from a technical rally in soybeans, traders said. CBOT corn was up 1/2 to 1-1/2 cents per bushel. September was up 1-1/2 at $2.06-1/4 per bushel. New-crop December was up 1-1/2 at $2.21. Pit sources said FIMAT Futures bought 100 December.
Concern about harm to some of the crop in the eastern Midwest may be giving corn futures a bit of a prop.
Agronomists late on Monday said the wind and rain from Hurricane Katrina could damage corn and soybeans in the US Midwest with the rain doing little to boost yields.