Corn futures on the Chicago Board of Trade ended lower on Friday for a fifth straight session on chart-based selling and forecasts for plentiful global supplies following large South American harvests, traders said. CBOT May corn settled down 2-3/4 cents at $3.64-1/4 per bushel after dipping to $3.62-1/2, its lowest since January 13.
For the week, May corn fell 16-1/2 cents per bushel or about 4.3 percent, the biggest weekly slide for a most-active corn contract since September. Managed commodity funds built a net long position in CBOT corn futures in recent weeks, leaving the market vulnerable to long liquidation. The US Department of Agriculture on Thursday raised its forecast of global 2016/17 corn ending stocks to 220.68 million tonnes, above the average trade estimate and up from 217.56 million last month. The CBOT reported no deliveries against March corn futures.
Comments
Comments are closed for this article.