US MIDDAY: corn drops

Corn futures at the Chicago Board of Trade dropped early on Tuesday, with overall good crop weather in the US Midwest and spillover pressure from Friday's bearish 2007 US corn acreage report weighing on prices, traders said.
At 10:09 am CDT (1509 GMT), corn was down 3 to 5-1/4 cents per bushel, with July down 5-1/4 at $3.25-1/4 per bushel. New-crop December was down 5 at $3.45 per bushel.
Traders said Tenco Inc sold 1,000 December. Position-squaring, including long liquidation, was noted before Wednesday's US Independence Day holiday, they said. Oat futures were up 3-1/2 to down 1 cent per bushel, with July up 3-1/2 at $2.94-1/2 per bushel.