CHICAGO: Chicago Board of Trade corn futures ended modestly lower on Thursday on technical selling and profit-taking after the market pushed above $5 a bushel this week for the first time in 6-1/2 years, traders said. A bounce in the dollar added pressure, making US grains and soy less competitive on the world market.
CBOT March corn settled down 1 cent at $4.94 a bushel, a day after reaching $5.02-3/4, the highest price on a continuous chart of the most-active corn futures contract since May 2014.
The US Department of Agriculture reported export sales of US corn in the week ended Dec. 31 at 748,900 tonnes, toward the low end of trade expectations for 600,000 to 1,200,000 tonnes.
News of a resolution to an Argentine port workers' strike added to bearish sentiment. The union representing Argentine port-side grain inspectors said it had ended a month-long wage strike after reaching a contract deal with export companies that will allow international soy, corn and wheat shipments to return to normal.