* U.S. corn reaches new highs on inventory concern
* U.S. corn stocks seen falling to new 15-yr low-poll
* U.S. may need to ration corn demand-analyst
* Coming Up: USDA weekly export sales- 1230 GMT
(Adds new corn high, comment, updates prices, dateline PVS SYDNEY)
By Michael Hogan and Manolo Serapio Jr
HAMBURG/SYDNEY, April 7 (Reuters) - Chicago corn futures reached fresh record highs on Thursday on thin U.S. stocks and expectations of firm Chinese demand, ahead of key U.S. inventory data due later this week.
Corn has gained more than 15 percent since last Thursday after U.S. data showed dangerously low stocks as of March 1, and analysts expect the U.S. Department of Agriculture to further slash its end-of-season inventory forecast on Friday.
U.S. corn for May delivery on the Chicago Board of Trade hit a new record of $7.73-1/4 a bushel in European trade on Thursday.
This broke Tuesday's record of $7.70-3/4 a bushel, which in turn trumped the $7.65 high hit during the global food crisis in 2008.
"Corn prices are actually being driven by robust demand," Germany's Commerzbank said in a report, adding: "A rise to $8 (a bushel) is quite possible in the days ahead."
At 1035 GMT the May corn contact was slightly off the session highs at $7.69-1/2 a bushel.
"Corn prices will certainly remain elevated until the U.S. finds a way to ration demand", to deal with tight supplies, said Victor Thianpiriya, agricultural commodity analyst at ANZ in Melbourne.
"Whether that comes out of feed use and probably some reduced ethanol use, it's hard to say how they will do it, but at some point the U.S. is going to have to ration corn demand."
A Reuters poll forecast U.S. corn stocks would drop to a new 15-year low this summer, with the stock-to-use ratio the tightest since the 1930s amid strong demand for use in food and fuel even at record high prices.
Surging corn prices provided spillover support to other grains, traders said. Chicago May wheat was up 0.7 percent at $7.87-3/4 a bushel. European benchmark milling wheat for May delivery in Paris was up 0.1 percent at 250.75 euros.
Chicago soybeans were up 0.3 percent at $13.81-1/2 a bushel.
Meanwhile, expectations of more Chinese demand also supported corn prices.
The USDA this week announced sales of U.S. corn to an unknown destination, stirring talk that China may be the buyer.
The U.S. Grains Council said on Tuesday that China may import an additional 2-3 million tonnes of corn by September, which could further tighten already thin corn stocks.
"If we start to see more corn business into China, then that's just going to put even further strain on an already tight balance sheet," said ANZ's Thianpiriya.
From a technical viewpoint, corn can rise further to $7.84-1/4 per bushel as long as valid support at $7.55 holds firm, said Reuters market analyst Wang Tao.
"We remain positive on corn price prospects on continued demand strength, dangerously low U.S. inventories, increased Chinese import demand and robust ethanol demand," Barclays Capital said in a note.
* Prices at 1035 GMT Product Last Change Percent Move End 2009 Ytd Percent Paris wheat 250.75 0.25 +0.10 131.25 91.05 Paris maize 236.25 1.75 +0.75 135.00 75.00 Paris rape 474.00 1.75 +0.37 287.50 64.87 CBOT wheat 787.75 5.50 +0.70 541.50 45.48 CBOT corn 769.50 6.50 +0.85 414.50 85.65 CBOT soybeans 1381.50 5.00 +0.36 1039.75 32.87 Crude oil 108.83 0.00 +0.00 79.36 37.13 Euro/dlr 1.43433 * Paris futures prices in Euros per tonne and CBOT in cents per bushel.
(Editing by Jane Baird)