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 CHICAGO: Chicago Board of Trade corn futures closed lower on Tuesday on profit-taking after Goldman Sachs warned that commodities prices would fall from current lofty levels.

* Corn also was under pressure on renewed concerns about the fate of exports to Japan after the severity of the nation's nuclear crisis was escalated on a par with the Chernobyl disaster. Japan is the world's third largest economy and the world's largest importer of corn.

* Long-term commodities bull Goldman Sachs rocked oil markets for a second day Tuesday by calling for a nearly $20 fall in Brent crude oil, saying speculators had pushed prices ahead of fundamentals.

* US farmers have planted 3 percent of intended corn acreage so far this year, matching their pace in 2010 and the average of the last five years, the US Agriculture Department said on Monday, but were below analysts' expectations.

* The US Corn Belt will turn wet and cool late this week, raising the risk of major flooding along Midwest rivers and slowing spring fieldwork, a forecaster said on Tuesday.

* May closed above all key moving averages on Tuesday with first key short-term support at its 10-day ma $7.43-3/4.

Copyright Reuters, 2011

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