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Markets

CBOT corn futures slump on lackluster export sales data

CHICAGO: Chicago Board of Trade (CBOT) corn futures slipped on Thursday, after government export sales data showed l

25 Jul, 2019

CHICAGO: Chicago Board of Trade (CBOT) corn futures slipped on Thursday, after government export sales data showed less-than-expected demand for US grain stocks.

* CBOT September corn settled down 5-1/2 cents at $4.18-1/2 per bushel. New-crop December corn closed down 3-1/4 cents at $4.27-1/2 a bushel.

* Early in the day, corn traded steady to slightly firm on uncertainty about US yield prospects and a few dry patches emerging in parts of the Midwest crop belt.

* But as the day progressed, market concerns about demand for US grain - not only old crop, but also new crop - began to weigh on futures and prompted some selling, traders said.

* Old-crop corn export sales were below expectations at a six-week low. New-crop sales topped estimates.

* The USDA reported net export sales of US corn in the week ended July 18 at 507,800 tonnes (old and new crop years combined).

* The International Grains Council lowered its forecast for 2019/20 world corn (maize) production by 3 million tonnes to 1.092 billion tonnes, with a cut to China's outlook partly offset by an upward revision for Brazil.

Copyright Reuters, 2019