Corn futures at the Chicago Board of Trade were lower early on Thursday on a setback and on spillover selling from a decline in soybeans, traders said. Traders said the corn market was near overbought technical levels, leaving it vulnerable to a downward correction. The nine-day relative strength index for May closed Wednesday at 67, near the benchmark 70 level that chartists view as an overbought mark.
At 10:09 am CST (1609 GMT), March was down 1-1/4 cents at $2.09 per bushel. May was down 1-1/4 at $2.17-3/4. Other months were down 1/4 to 1-1/2 cents per bushel.
ADM Investor Services sold 500 May and Cargill Investor Services sold 300 May. Cargill Inc bought 300 May.
Traders reacted neutrally to USDA's export sales report Thursday showing US corn export sales last week at 875,600 tonnes (old-crop and new-crop combined). That's within the range of estimates for 650,000 to 900,000 tonnes. And early Thursday, USDA confirmed the sale of 110,000 tonnes of US corn to Japan made in the past day.
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