Corn closed higher on Wednesday on fresh fund buying, and a decline in U.S. condition ratings boosted corn as did lingering support from last week's bullish USDA acreage and stocks reports. September corn closed up 10-1/4 cents at $3.78-1/4 per bushel. Funds bought an estimated 12,000 contracts. Talk China bought a cargo each of old and new-crop U.S. corn supportive. Higher crude oil also lent support.
Analyst are also expecting that the USDA is not likely to change its U.S. corn yield estimate in Friday's crop report despite a strong start to the 2010 growing season, grain analysts said on Wednesday. USDA is already forecasting the national average corn yield for this year to come in at 163.5 bushels per acre, just below the record 164.7 bpa achieved in 2009.
Chris Spurlock
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