CBOT corn futures weak on dull demand

Chicago Board of Trade corn futures eased on Thursday on weak export demand and forecasts for favourable 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.