CHICAGO: Chicago Board of Trade (CBOT) corn futures fell to a three-week low on Thursday on worries about weak demand from ethanol makers and crop-boosting rains in South America, traders said.
* CBOT March corn settled down 6-1/2 cents at $3.75-1/4 per bushel, the lowest since Nov. 30 and the steepest percentage drop in nearly two months.
* Rainy weather in dry areas of key exporters Brazil and Argentina are boosting crop production prospects.
* Concerns about slowing demand for corn from the ethanol industry, which consumes about one-third of the US harvest, weighed on prices. Tumbling energy prices have eroded ethanol production margins.
* Traders are watching for signs of demand from China after the country negotiated a 90-day truce in its trade war with the United States which could include Chinese purchases of US corn and other agricultural products.
* The US Department of Agriculture said corn export sales last week totaled 2.517 million tonnes, within analysts' forecasts for 2.3 million to 2.9 million tonnes.
* Additionally, the USDA said private exporters sold 373,455 tonnes of US corn to Mexico for shipment in the 2018/19 season and 53,345 tonnes for shipment in 2019/20.
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