CHICAGO: Chicago Board of Trade corn futures rose on Wednesday, supported by a weakening dollar and hopes of rising export demand for US supplies, traders said.
* Corn futures have risen for five straight days, gaining 7.1 percent during that time.
* Traders noted choppy trading throughout the day, with corn prices briefly turning lower in morning trade due to talk of sales on the cash market.
* But prices firmed again as the dollar turned lower following the US Federal Reserve's announcement that it will keep interest rates exceptionally low through late 2014.
* Spot basis bids for corn continued to firm at Midwest elevators, river terminals and ethanol plants on Wednesday morning. Supplies in the export pipeline remained thin.
* Analysts, on average, were expecting a weekly US Agriculture Department report on Thursday morning to show export sales of corn in a range from 650,000 to 850,000 tonnes compared to 759,900 tonnes last week.
* Showers blanketed northern Argentina on Tuesday but MDA EarthSat Weather meteorologist Don Keeney said crop conditions did not improve significantly. Additional light showers expected next week.
* Investors who are expecting a potential shortfall in US corn production have placed low-risk bets in the options markets that futures prices will surge 25 to 45 percent by the end of this year.
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