Corn futures on the Chicago Board of Trade were firm early on Tuesday, supported by prospects for a smaller US corn crop due to heat stress, traders said. But corn prices were range-bound as much of the weather premium was factored into the market during July, traders said.
In contrast, soybeans rallied more than 15 cents per bushel and above their 50-day moving average amid some updated forecasts for a little drier Midwest weather than previously forecast, traders said.
The soybean crop is made in August while July is the crucial yield determining period for corn.
September corn was up 3/4 cent at $2.32-1/2 per bushel and new-crop December was up 3/4 at $2.45 by 11:05 am CDT (1605 GMT).
Early support stemmed from disappointing US crop ratings, traders said.
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