CBOT corn drops 1.7pc, hits lowest level since Oct. 4

CHICAGO: Chicago Board of Trade corn futures fell 1.7 percent on Wednesday, hitting a seven-week low during the trading session, on concerns that a stagnating global economy will hurt demand, traders said.

* Traders noted some long liquidation by investment funds throughout the day.

* A firm dollar, which makes US commodities less attractive to investors looking for a hedge against inflation, added pressure.

* Traders say CBOT corn to stay in range of $6 option strikes due to heavy interest at that level.

* Analysts expecting weekly export sales of corn in 400,000-600,000 tonne range compared to 208,900 tonnes last week.

* Israeli private buyers book deal to purchase 100,000 tonnes of corn, feed wheat and feed barley in tender. Corn priced at $247 and $247.50 a tonne c&f.