While CBOT December corn futures for 2012 and 2013 trade at parity now, expect this year's price to grow substantially versus December 2013 amid concerns with the current crop, says Morgan Stanley. Mid-term weather forecasts are hot and dry, which is bad news for a crop nearing its crucial pollination phase and has been boosting near-term futures of late. Morgan Stanley predicts the spread between the December contracts could approach the $1.08/bushel level seen last year between December 2011 and 2012. "We see no reason that Dec 12 could not test $7 again by late summer if weather conditions do not improve," it adds. December futures are currently at $5.49. (ian.berry@dowjones.com; @enberry)

(END) Dow Jones Newswires

June 19, 2012 09:12 ET (13:12 GMT)