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Corn mixed at midday, well above day's lows

CHICAGO: CBOT corn futures were mixed at midsession and the market was well above the day's lows, with a rally in wheat underpinning corn prices, they said.

"I think we can still go even higher but we needed a correction first," said Vic Lespinasse of Dean Witter Reynolds.

Corn dropped early on profit taking with traders talking about forecasts for showers this weekend in the U.S. Midwest and in the U.S. Great Plains.

But meteorologists said the rainfall amounts will be minimal, particularly in parched southern Kansas and southward, which kicked wheat higher and corn began recovering.

New crop December was lower than the nearby months because of prospects for increased corn acreage. There have been reports of wheat acres being abandoned in favor of feedgrains such as corn and sorghum.

At 1141 CDT, corn was one cent per bushel higher to three cents lower, with May unchanged at $4.44-1/2.-Reuter