US corn futures on the Chicago Board of Trade rose on Tuesday on spillover support from soyabeans, traders said. Buy-stops were triggered, escalating corn higher, traders said. May corn ended 6-3/4 cents higher at $3.94-1/4 a bushel. New-crop December closed 5-1/2 up at $4.24-3/4. Volume was large estimated at 305,198 futures, boosted by heavy spreading as Tuesday was the last official day of the index-long roll.
Options volume was seen at 55,472 contracts. Commodity funds bought 5,000 contracts. Midwest planting weather was viewed mixed. Outlooks for next week seen improving for fieldwork, less rain but updated midday forecasts for the 11- to 15-day were wetter. USDA said 2 percent of US corn planted, on par with last seasons slow pace and behind the five-year average of 6 percent.
US ethanol capacity growth to slow in 09 as finance crunch curtails construction - EIA. Renewable Fuels Association expects US government to eventually allow higher levels of ethanol to be blended with gasoline. Midwest basis bids for corn steady/firm late Tuesday, underpinned by slow farmer sales.
Open interest in CBOT corn basis calendar swaps stood at 35 contracts on Monday, unchanged from the previous session CBOT oats fell, with May ending 1 cent down at $1.92 a bushel. Traders awaiting the Canada planting data to be issued next week. Oat acres expected to down from a year ago. Estimated volume was 1,011 futures and 330 options.