CBOT corn drops to contract lows on technical setback

CHICAGO: Chicago Board of Trade corn futures closed lower on Friday, with early rally attempts beaten back by technical selling.

The benchmark Chicago Board of Trade March corn futures contract turned lower after failing to hold support above its 10-day moving average.

Corn futures, under pressure from massive domestic stockpiles following a bumper harvest, sank to contract lows late in the trading session.

Support was noted for the March contract near the low end of its 20-day Bollinger range.

For the week, the most-active corn futures contract fell 1.6 percent, its second straight week of declines.