CHICAGO: Chicago Board of Trade corn futures fell on Thursday due to an export sales report that came in well below market expectations, traders said.
* The US Agriculture Department said on Thursday morning export sales of corn were 47,400 tonnes. Analysts had been expecting corn export sales in a range from 350,000 to 550,000 tonnes.
* The benchmark CBOT March corn contract found technical support near its 50-day moving average of $7.45-7/8 a bushel.
* Prices for CBOT March have been stuck between its 50-day moving average and its 100-day moving average for nearly two weeks.
* Crop weather was seen improving in Brazil and Argentina, two key producers of corn. Alternating periods of sun and rain in Brazil will benefit the developing crop in that country while drenched fields in Argentina should begin drying out by the weekend, allowing farmers a window to pick up much delayed planting tasks next week, according to Andy Kart, meteorologist with World Weather Inc.
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