CHICAGO: Chicago Board of Trade (CBOT) corn futures tumbled to a six-week low on Tuesday on technical selling and on worries about trade talks between the United States and China, traders said.
* CBOT March corn settled 7-1/4 cents lower at $3.71-1/4 per bushel after hitting its lowest since Nov. 28. The 1.9 percent decline was the contract's steepest drop in 3-1/2 months.
* Benchmark March futures fell through chart support at the 20-, 50-, and 100-day moving averages.
* Concerns about trade talks between the United States and China weighed on grains. Senator Chuck Grassley said Tuesday that the US Trade Representative did not see any progress made on structural issues during trade talks with China last week.
* Traders continue to watch for any corn demand from China following promises by Beijing to purchase "a significant amount" of US agricultural goods and other products.
* The market is also monitoring South American weather following hot and dry weather in Brazil and excessive rains in Argentina.
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