Chicago Board of Trade corn futures fell on Wednesday for a third straight session as improving crop ratings and forecasts for mild weather throughout September bolstered US harvest prospects, traders said. Follow-though technical selling noted a day after the benchmark December contract fell below chart support at its May 13 low of $3.63-3/4.
CBOT December corn settled Wednesday down 2-1/2 cents at $3.58-1/2 per bushel after dipping to a life-of-contract low at $3.56-1/2. Contract lows set in most months, including the front eight contracts. The US Department of Agriculture late Tuesday rated 58% of the US corn crop in good-to-excellent condition, up from 57% the previous week, in line with trade expectations.
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