US corn futures soared more than 4 percent on Wednesday on rising concern over crop prospects and ahead of a government report that is expected to show quarterly stocks at the lowest level in seven years. The July corn contract, trading without the daily 30-cent limit, was up 22-1/4 cents at $7.05-1/4 per bushel after rising as high as $7.14-1/2 at the Chicago Board of Trade.
The contract enters its delivery period on Thursday and traders expect few if any posted deliveries. CBOT July wheat climbed 3-3/4 cents to $6.44 per bushel and CBOT July soyabeans were 7-1/2 cents higher at $13.38-1/4 per bushel.