CHICAGO: Chicago Board of Trade corn futures fell on Monday on pressure from the expanding US harvest and spillover weakness from soybeans, traders said.
CBOT December corn settled down 3-3/4 cents at $3.51-1/2 per bushel.
Fresh export sales to Mexico underpinned values. The US Department of Agriculture said private exporters sold 597,464 tonnes of US corn to Mexico for delivery in the 2017/18 marketing year that began Sept. 1.
The USDA reported export inspections of US corn in the latest week at 782,346 tonnes, in line with trade expectations for 700,000 to 900,000 tonnes.
Barge freight rates surged to a three-year high on Friday as a key stretch of the Mississippi River fell to near-record lows and as low water and emergency repair work on a 90-year-old lock and dam on the Ohio River delayed dozens of barge tows, traders and shippers said.
Ahead of the USDA's weekly crop progress report due later on Monday, analysts surveyed by Reuters on average expected the government to report the US corn harvest as 21 percent complete.
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