US corn futures lower on technical selling

US corn futures sagged for the third day in a row on Wednesday, with traders saying the market remained technically overbought after hitting an eight-month high last week. The three-session losing streak was the largest in a month. But the losses were muted as traders were reluctant to stake out new positions ahead of the US Agriculture Department's monthly supply and demand report on Thursday.
Support for the benchmark Chicago Board of Trade May corn contract was seen at its 50-day moving average. Analysts were expecting the USDA's weekly export report to show export sales of corn were in a range from 700,000 to 1.1 million tonnes (old-crop and new-crop combined). That compares with 713,054 tonnes a week ago.