CHICAGO: Chicago Board of Trade corn futures were lower on Monday on slow export sales of US corn and on technical selling, traders said. * Beneficial moisture is expected over the next two weeks over a broad swath of the US Plains hard red winter wheat region and in the Midwest, an agricultural meteorologist said on Monday.
"By Wednesday there could be 3.00 to 6.00 inches of snow in eastern Colorado and most of Kansas and the snow will spread into the western and northwest Midwest leaving from 6.00 to 12.00 inches by Thursday," said John Dee, meteorologist for Global Weather Monitoring.
* Dee said the rain or snow would continue next week in nearly all of the Plains and the Midwest. "It will be welcome moisture with no bitter cold," he said. "This will add valuable moisture and make a solid dent in the drought but it won't eliminate the problem." The moisture will also help boost water levels on the lower Mississippi River and if the snow melts in the upper Midwest soon the water levels there should be buoyed as well, he said.
* USDA on Monday said 15.0 million bushels of corn were inspected for export last week, above analysts' estimates for 10.0 million to 14.0 million bushels.
* Large speculators slashed their bullish bets on corn during the week ended on Tuesday as sluggish export demand for US supplies drove prices to a three-week low, regulatory data released on Friday showed.
* Brazil will increase the amount of land planted with genetically modified soy, corn and cotton by 14 percent this season from a year ago as it shoulders a growing share of the world's agricultural output, local analytics firm Celeres said on Monday.
* Key resistance for the March contract is at its 50-day moving average of $7.44-1/4 and key support is at its 200-day moving average of $6.76-3/4. The nine-day relative strength index is at 36.
Center>Copyright Reuters, 2012
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