CHICAGO: Chicago Board of Trade corn futures ended lower in rangebound trade on Wednesday as traders adjusted positions ahead of key data due Friday from the US Department of Agriculture, traders said. CBOT December corn settled down 1-1/2 cents at $3.60-1/4 per bushel but stayed inside of Tuesday's trading range.
The USDA late Tuesday rated 61% of the US corn crop in good to excellent condition, down from 62% the previous week and in line with trade expectations. Ahead of the USDA's monthly supply/demand reports on Friday, analysts surveyed by Reuters on average expect the government to lower its forecasts of US 2020/21 corn production and ending stocks.
Traders continue to watch for signs of fresh export demand from China. US President Donald Trump has instructed that dozens of oil refiner requests for retroactive waivers from US biofuel laws be denied amid concerns the issue could cut into his support in the Farm Belt, three sources familiar with the decision said. Corn is the primary US feedstock for ethanol, the main US biofuel.
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