CHICAGO: Chicago Board of Trade corn futures were lower on Wednesday as euphoria over the US fiscal deal to avert tax hikes and spending cuts quickly faded, traders said.
* US spot corn cash basis bids were steady to higher at elevators, river terminals and ethanol plants round the US Midwest on Wednesday amid light farmer sales, grain merchants said.
* Heavy snowfall in the Central Plains and portions of the west and southern Midwest over the past couple of days will boost soil moisture and river water levels, an agricultural meteorologist said on Wednesday. "There was heavy snow over the Plains, Missouri, central Illinois into Ohio," said Don Keeney, meteorologist for MDA EarthSat Weather.
* Keeney said it would be dry the next five days followed by rainfall next week in the western Midwest and in the Plains. "Most areas will receive from 0.25 inch to 0.75 inch of rain which will help add to soil moisture reserves and bring up river water a little," Keeney said.
* Key support for the March contract is at its 200-day moving average of $6.83 per bushel and key resistance is at the 50-day moving average of $7.34-1/2. The nine-day relative strength index is at 29.
Center>Copyright Reuters, 2013
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