CHICAGO: Chicago Board of Trade corn futures slid on Friday after reaching one-week highs the day before, as traders weigh a tightening supply and demand picture ahead of the USDA's monthly reporting next week.
CBOT December corn settled 2-1/2 cents lower at $4.06-3/4 per bushel.
For the week, CBOT corn gained 8-1/4 cents.
The USDA reported sales of 206,900 tonnes of corn to unknown destinations on Friday, the first Chinese purchase since Oct. 14.
An attache report from the US Department of Agriculture's Foreign Agricultural Service post in Beijing estimated China's corn imports in the 2020/21 marketing year at 22 million tonnes, well above the USDA's official forecast of 7 million tonnes. Ukraine grain exports were down 14.5% so far in the season running from July 2020 to June 2021, largely because of a decline in corn shipments. Traders had sold 2.77 million tonnes compared with 4.57 million tonnes for the same period last year.-Reuters
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