CBOT corn rises as parts of US Midwest remain dry

CHICAGO: Chicago Board of Trade (CBOT) corn futures firmed on Wednesday on worries that dry conditions would drag down crop yields in parts of the US Midwest, traders said.

* Prices rebounded from early lows as spillover selling pressure in response to lower stock markets and crude oil faded.

* CBOT September corn rose 2-1/2 cents to $4.06-1/2 per bushel and new-crop December corn closed up 1-1/2 cents at $4.14 a bushel. Both held support at their 200-day moving averages but hit overhead resistance at their 100-day moving averages.

* Dry weather in parts of the eastern US Midwest elevated concerns about lower yields. Crop conditions are already sub par following excessive rains during spring planting.

* Grain markets remain anchored by concerns about a prolonged US-China trade war.

* Traders are beginning to square positions ahead of next week's US Department of Agriculture (USDA) supply-and-demand report, which is expected to show a smaller crop and fewer planted acres.

* The USDA is due to report weekly export sales totals on Thursday morning. Old-crop corn sales were seen at 100,000-300,000 tonnes and new-crop sales were expected at 200,000-600,000 tonnes.