July 16, 2012 / 11:09 PM / 5 years ago

U.S. corn jumps 2 pct after USDA confirms weather damage

SYDNEY, July 17 (Reuters) - U.S. corn rose 2 percent on Tuesday after the U.S. Department of Agriculture said crop quality fell the most in nine years as the Midwest endures the worst drought in 24 years.

Chicago Board Of Trade September corn rose 2.19 percent to $7.93-3/4 a bushel by 2300 GMT.

USDA said good-to-excellent quality corn fell 9 percentage points to 31 percent as of July 15, exceeding the 5 point drop expected by traders.

Reporting by Colin Packham; Editing by John Mair

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