Corn futures at the Chicago Board of Trade were higher early on Wednesday following a rally in crude oil and a strong performance in soybeans, traders said.
At 10:28 am CST (1628 GMT), CBOT corn was unchanged to 6 cents per bushel higher, with March up 3 at $4.15-1/2 per bushel. New-crop December was up 3-1/4 at $4.09-3/4 per bushel.
Traders said UBS Warburg sold 1,000 May at the open then bought 1,000 May when crude oil and soybeans rallied. Corn's tight relationship with the energy sector amid the surging growth of ethanol left it vulnerable to volatility in crude oil markets, traders said.
US crude futures jumped more than a dollar on Wednesday as fog delays at the Houston Ship Channel helped domestic crude supplies drop unexpectedly by 4.8 million barrels in the week to last Friday, according to government data. Oat futures were up 1/2 to 13-1/2 cents per bushel, with March up 13-1/2 at $2.73-1/2.