Corn futures at the Chicago Board of Trade were lower early on Thursday on a profit-taking setback from the gains posted on Wednesday, traders said. "It's still weather but today there are conflicting signals, they want to see the next weather forecast," a trader said.
At 10:08 am CDT (1508 GMT), CBOT corn was down 1/2 to 6-1/4 cents per bushel, with July down 4-3/4 at $3.89-1/2 per bushel. New-crop December was down 4 at $4.02-1/4 per bushel. Traders said the corn market was consolidated and they expect the market to remain volatile around the current 10-year highs.
US farmers have planted the largest area to corn in over 60 years to take advantage of the high prices and Midwest weather is the focal point of the market. Wet weather in the western Midwest has been conducive to crop development while dry weather has been stressing the corn crop in the east. Pockets of dryness remain in the east despite rains this week that were a welcome relief to the 2007 corn crop. Oat futures were down 2-1/4 to 8 cents per bushel, with July down 5 at $2.70 per bushel.
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