CHICAGO: US corn futures declined for a fifth straight session on Friday and hit a nearly eight-week low as favourable US Midwest weather lifted crop prospects and rapidly rising coronavirus infections renewed concerns about the economy, traders said.
Chicago Board of Trade July corn ended down 1/4 cent at $3.17 per bushel after falling to the lowest level since May 4. For the week, July corn ended down 4.7%, the contract's sharpest weekly drop in more than three months.
A wetter forecast for the US Midwest weighed on the market and some analysts expect crop conditions to continue to improve. The US Department of Agriculture (USDA) will be updating weekly crop conditions on Monday.
Rising coronavirus cases stoked worries of new lockdowns and economic damage, which weighed on equities and most commodities. Traders also squared positions ahead of next week's US Department of Agriculture quarterly stocks and planted acreage reports. Corn plantings were expected to decline from a USDA estimate in March, while June 1 corn stocks were seen at the smallest in four years.
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