CHICAGO: Chicago Board of Trade corn futures fell to contract lows on Tuesday, pressured by ample US and global supplies, traders said.
CBOT corn futures fell to contract lows in the front five contracts, as US farmers continue to hold a sizable amount of unpriced grain that has yet to hit the market, traders said.
CBOT May corn settled down 3-1/2 cents at $3.51-1/4 a bushel and most active July ended the day down 3-1/4 cents at $3.60-1/4.
Traders also noted pressure on prices from optimism that US farmers would be able to plant corn this spring despite wet conditions that have delayed field work.
Traders shrugged off news that China's corn imports in 2019 are expected to increase significantly due to a gap between domestic output and demand, the country's Starch Industry Association said on Tuesday.
Grains trader Cargill Inc on Tuesday said it would invest $112 million to expand capacity at its corn processing facility in China's northeastern province of Jilin.
The plant in Songyuan city is part of a bigger project being jointly built with the local government called the Sino-US Cargill Biotech Industrial Park, Cargill said in a statement on Tuesday.
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