Chicago corn inches up as wheat, soybean drop

---

CHICAGO, Apr 27 (Xinhua): Chicago corn extended its rally yesterday, underpinned by old-crop supply tightness and active fund buying. However, wheat and soybean reversed their rising trends, reacting to the news of potential continued tightening from China. The most active corn contract for July delivery climbed 4.25 cents, or 0.55 per cent, to close at 7.7275 U.S. dollars per bushel. July wheat fell 14.25 cents, or 1.7 per cent, to 8.47 dollars per bushel. May soybean declined 7.25 cents, or 0.5 per cent, to 13. 8925 dollars per bushel. Market analysts said that although the corn market was pressured by talks of chance to get some corn planted in the western Corn Belt in the next week, market concerns that corn planting may not be complete in the optimal window this year pushed the closing price higher on Tuesday. Another 1-5 inches of rain is forecast for the southern Corn Belt in the next two days, which could cause increased flooding and might force even more producers to replant corn which was flooded out with too much rain in recent days.