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CBOT corn rise as rains increase U.S. planting, yield worries

CHICAGO, June 12 (Reuters) - Chicago Board of Trade (CBOT) corn futures set their highest prices in more than a week on Wednesday on worries that more rain in the U.S. Midwest may reduce plantings and crop yields, traders said. * CBOT July corn closed up 2-1/4 cents, or 0.5%, at $4.30 a bushel. * Commodity Weather Group said wet weather this weekend will "shut down any late seeding" in the southern and eastern Midwest. * Farmers have struggled with widespread planting delays because of wet weather this spring. Normally corn seeding is complete by this point in the season, but the USDA said on Monday it was 83% finished. * Analysts predict the U.S. Department of Agriculture will further lower its acreage estimate for corn due to the rains, after making a cut in a monthly crop report released on Tuesday. * The U.S. Energy Information Administration said weekly ethanol stocks declined 3.5% to 21.8 million barrels. Last Net Pct Low High Volume chng chng CN9 CORN JUL9 430.00 2.25 0.5 424.00 434.50 312104 CU9 CORN SEP9 438.25 2.00 0.5 432.50 442.50 245918 1ZEM9 ETHANOL JUN9 1.513 0.000 0.0 #N/A 0.000 0 1ZEN9 ETHANOL JUL9 1.507 -0.008 -0.5 1.498 1.526 219 (Reporting by Tom Polansek Editing by James Dalgleish)

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