Tuesday, 05 February 2013 04:14
CHICAGO: Chicago Board of Trade corn futures were lower on Friday on a strong dollar, technical selling and some improvement in the US crop weather outlook, traders said.
* Crop-friendly moisture is expected to arrive in the drought-stricken US Plains and northwest Midwest later this week, an agricultural meteorologist said on Monday. "By the weekend there is some fairly meaningful precipitation for the dry western areas of the Plains hard red winter wheat area and heavier precipitation in the eastern areas," said John Dee, meteorologist for Global Weather Monitoring.
* Dee said the driest areas of the Plains could receive from 0.20 to 0.60 inch of moisture and the eastern Plains could receive from 0.50 inch to 1.00 inch. "There also will be up to an inch in the dry area of the northwest Midwest," he said.
* Dry weather will resume this week in Argentina's main crop belt after skimpy showers fell on soy and corn plants over the weekend, a local weather specialist said on Monday.
* USDA said US corn inspected for export last week totaled 5.3 million bushels, below estimates for 15.0 to 20.0 million.
* Cash basis bids for corn were mixed and country selling was not as active as for soybeans.
* Key resistance for the March contract is at its 100-day moving average of $7.35-1/2 and key support is at the 50-day moving average of $7.23-1/2. The nine-day relative strength index is at 61.
Copyright Reuters, 2013