US corn leaped over 2 percent to a new contract high on Friday because of concerns about reports of low yield potential for the 2011 harvest and on a big sale of corn to an unknown destination. Soyabeans also rallied nearly 2 percent on concerns about diminished yield prospects for the US crop and wheat bounced because of drought in the US Plains hard red winter wheat region and a disappointing spring wheat harvest.
At 10:57 am CDT (1557 GMT), CBOT new-crop December corn was up 17 cents per bushel at $7.60-1/2 after setting a new contract high of $7.61. New-crop November soy was up 16 cents at $14.08-3/4 and December wheat was up 7-3/4 at $7.95-1/2. KCBT December futures were up 11 cents at $8.83-1/2.