Chicago Board of Trade corn futures closed lower on Thursday, pressured by disappointing weekly export sales data and forecasts for warmer weather in the US Midwest, traders said. CBOT July corn futures closed down 4-1/2 cents at $3.69-1/4 per bushel.
Expected warming temperatures in the Midwest next week, with highs in the 80s Fahrenheit (27-32 Celsius), should speed planting progress and aid crop germination, analysts said. The US Department of Agriculture reported weekly export sales of 277,700 tonnes of old-crop corn, well below expectations for 700,000 to 900,000 tonnes. The USDA reported weekly net cancellations of new-crop corn totalling 55,100 tonnes.
The Buenos Aires Grains Exchange raised its forecast for Argentina's 2016-17 corn crop to 39 million tonnes, from 37 million. Brazil's agricultural statistics agency Conab raised its estimate of Brazil's all-corn production for 2016/17 to 92.8 million tonnes, from 91.5 million last month. China's National Grain Trade Center reported sales of 2,138,732 tonnes of 2013 corn at an auction of state reserves, representing 85.4 percent of the corn available.
Comments
Comments are closed.