Chicago Board of Trade corn futures closed lower on Tuesday in rangebound trade, pressured by technical selling and spillover weakness from soybeans, traders said. CBOT December corn settled down 3 cents at $3.67-1/2 per bushel and most-active March ended down 2-1/2 cents at $3.78-1/4. Traders adjusting positions ahead of Friday's first notice day for deliveries against December futures. Improving South American crop weather adds pressure.
Market underpinned by fears that a winter storm crossing the US Plains and Midwest this week will further slow the late harvest of US corn.
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