CBOT corn notches one-year high on solid demand, higher crude oil

CHICAGO, April 29 (Reuters) - Chicago Board of Trade corn futures hit a one-year high on Wednesday, buoyed by strong export demand and slight weather concerns in the U.S. corn belt.

• Expectations of reduced planting due to high fertilizer costs have also supported corn futures.

• Early U.S. soybean and corn planting has been progressing well, although storms expected in the U.S. Midwest could delay seeding in some areas.

• Midwest rains are expected to taper by the middle of the week, so farmers are unlikely to remain sidelined for long.

• Higher crude oil prices have also boosted corn futures, as the grain is a common feedstock for biofuels.

• Oil prices rose more than 6% on Wednesday to the highest in nearly a month, as deadlocked U.S.-Iran negotiations made investors more concerned about prolonged disruptions to Middle Eastern supply. O/R

• CBOT July corn CN26 settled 2-1/4 cents higher to $4.77-3/4 per bushel.