July corn on the CBOT rose 16.4 cents today to settle at $6.15 a bushel.

The Reasoning:

- A "wet May" in the corn belt has taken a substantial toll on the crop. In the first crop progress report of the year, the USDA revealed that only 63 percent of the corn crop is in good to excellent condition, compared with 78 percent a year ago. More farmers than usual are currently deciding whether they should replant the corn that has been damaged or replace it with a shorter growing season crop like soybeans. In Illinois, for example, farmers typically have to replant about 1 to 2 percent of the corn acreage. Emerson Nafziger, extension agronomist at the University of Illinois, though, won't be surprised if this number jumps to 4 to 5 percent for this years crop.

- Oil rose 41 cents to close at $127.26 a barrel as U.S. factory data was stronger than expected.

- The yen had its biggest gain against the dollar in nine weeks as Japan is a major consumer of U.S. corn.