Chicago Board of Trade (CBOT) corn futures fell for a fourth consecutive session on Thursday, dropping to a fresh five-month low as heavy deliveries against the March contract pressured prices.
CBOT May corn fell 3 cents to $3.70-3/4 per bushel, the weakest since September 20.
Traders generally estimated deliveries against March corn at 400 to 800 contracts, although one source predicted "little to no" corn deliveries. The US Agriculture Department said corn export sales in the week ended Feb. 21 totaled 1.360 million tones (old and new crop years combined), topping forecasts that ranged from 700,000 to 1.3 million tonnes.
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