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CBOT corn drifts lower on technicals, US harvest pressure

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By Fawad Maqsood

CHICAGO: Chicago Board of Trade corn futures closed lower Monday in quiet technical selling and seasonal pressure as the US harvest begins in the heart of the Midwest.

CBOT December corn settled down 3-1/4 cents at $3.51-1/2 per bushel.

Ahead of the US Department of Agriculture's weekly crop progress report due later on Monday, analysts surveyed by Reuters expected the government to report the US corn harvest as 10 percent complete.

The USDA reported export inspections of US corn in the latest week at 676,819 tonnes, below a range of trade expectations for 800,000 to 1.1 million tonnes.

The European Union's crop monitor put the EU grain maize yield at 6.99 tonnes per hectare (t/ha), up from 6.93 t/ha estimated in August.

Copyright Reuters, 2017
 

 

 

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