Chicago Board of Trade corn futures were higher midday Friday on technical buying spurred by a sliding dollar, strong export demand and ongoing fears about a cut in US corn plantings in the year ahead, traders said. "The long-term outlook looks positive but technical drove it today," said one CBOT cash-connected trader.
December corn was up 5-3/4 cents at $3.72 a bushel by noon CDT (1700 GMT), after climbing to $3.74-1/2, just below its 200-day moving average of 3.74-3/4. The back months were up 1-1/2 to 6 cents.
Helping to underpin the new-crop months, December 2008 forward, were worries about the amount of US corn acres to be seeded next year. Already, analysts are expecting a 7-8 percent drop from this year's plantings of 93.6 million. CBOT oat futures followed corn higher, up 2-1/4 to 5 cents. December was up 2-1/4 at $2.80-1/4.