CBOT corn ends lower, retreats from rally last week
- Traders sold old crop contracts and bought new crop contracts in spread trades. December corn ended slightly firmer.
CHICAGO: Chicago Board of Trade corn futures pulled back on Monday after hitting their highest price since June 2013 last week.
CBOT May corn ended down 6-1/2 cents at $5.53-1/4 per bushel, after the grain markets were closed on Friday for Good Friday.
Traders sold old crop contracts and bought new crop contracts in spread trades. December corn ended slightly firmer.
The most-active contract retreated after rising on Thursday to $5.85 a bushel, its highest price since June 2013.
The USDA sparked the rally by issuing a smaller-than-expected U.S. plantings estimate on Wednesday.
Traders are waiting for the USDA at 3 p.m. CDT (2000 GMT) on Monday to issue its first weekly report of the year on planting progress.
Analysts surveyed by Reuters expect that corn planting was 3% complete as of Sunday.
Brazilian farmers have finished planting their second corn crop, according to agribusiness consultancy AgRural.
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