CHICAGO: Chicago Board of Trade corn futures closed lower on Wednesday on long-liquidation and profit-taking ahead of Federal Reserve Chairman Ben Bernanke's first ever news conference on Wednesday. Pressure also stemmed from a tumble in wheat and on outlooks for drier weather next week in the western US Corn Belt, which may give planting progress a boost.
Heavy rainfall and flooding over the next 10 days in the eastern and southern US Midwest will continue to slow corn seeding while the northwest Midwest does not appear to be as wet.
CME Group Inc has proposed increasing the daily trading limit for CBOT corn futures to 50 cents per bushel from the current 30 cents, the exchange said.
Taiwan Sugar Corp will tender on Wednesday to buy 23,000 tonnes of US corn and 12,000 tonnes of US soybeans, US traders said.
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