Corn was Up 1-1/2 to 4 cents per bushel, with May up 2-3/4 at $5.94 per bushel at the Chicago Board of Trade. Support from USDA outlook for US corn ending stocks and wet US weather that is slowing spring fieldwork and corn plantings. Rally to record high in crude oil also supportive.
Citigroup, Newedge and R.J. O'Brien each bought 200 May. USDA estimated 2007/08 US ending corn stocks at 1.283 billion bushels, below an average of analysts' estimates for 1.315 billion. US to export 7 million tonnes corn to South Korea in 2007/08, according to USDA attache in Seoul. Wet weather continues in US eastern Midwest and Delta. High US corn price, tight supply seen for years, said analytical firm Informa Economics.