CBOT corn ends weak on dull demand, good US harvest weather

• CBOT December corn settled a penny lower at $3.86-3/4 per bushel.
• The US Department of Agriculture said corn export sales totaled 582,900 tonnes in the week ended Oct. 17.

CHICAGO: Chicago Board of Trade corn futures eased on Thursday on weak export demand and forecasts for favorable US harvest weather, traders said.

CBOT December corn settled a penny lower at $3.86-3/4 per bushel.

The contract fell below its 20-day moving average and settled under that key technical level.

Although harvesting was well behind the normal pace, forecasts for mostly dry weather around the US Midwest over the next two weeks weighed on corn prices.

Weaker-than-normal export demand due to stiff competition from low-cost suppliers around the world also kept a lid on corn prices.

The US Department of Agriculture said corn export sales totaled 582,900 tonnes in the week ended Oct. 17.

Analysts' estimates for weekly corn export sales had ranged from 450,000 tonnes to 850,000 tonnes. Season-to-date sales, however, were less than half of year-ago levels.