US corn edged slightly higher while soyabeans reversed from earlier gains to turn lower on Thursday as drier weather outlooks for next week were seen as benefiting both crops after record rains in the Midwest in recent months limited yield potential. Corn was in the early phases of its pollination period and hot temperatures could stress plants as they go through the crucial phase of development. The US soyabean crop has more time to recover from waterlogged conditions, with most plants typically producing beans during August.
"We're looking at the forecasts and things could get better from here, and that's what's putting pressure on (soyabeans and corn)," said Ted Seifried, analyst at Chicago brokerage the Zaner Group. Chicago Board of Trade September corn futures were up 1/2 cent at $4.30 per bushel. The contract was below its earlier session high of $4.38-3/4, but still holding above its 10-day moving average and rose the second day in a row.
CBOT August soyabeans were 6 cents lower at $10.19 per bushel, off their earlier peak of $10.38-1/4. September wheat settled 4-1/2 cents lower at $5.62-1/4 per bushel, hovering near Wednesday's two-week low.
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