CHICAGO: Chicago Board of Trade corn futures were lower on Thursday on pressure from a firm dollar and declines in soybeans, traders said.
* A Farm Futures Magazine survey of more than 1,500 farmers indicates that total US corn production in 2012 was 10.62 billion bushels, or nearly 1 percent below the US Department of Agriculture's latest estimate of 10.725 billion.
* Corn spot basis bids rose at river terminals, processors and ethanol plants around the US Midwest on Thursday as the lowest futures prices since July kept country offerings of the grain at a minimum, dealers said.
* Analysts estimated last week's US corn exports at a total net 200,000 to 350,000 tonnes ahead of the release at 7:30 a.m. CST (1330 GMT) on Friday of USDA's weekly export sales report.
* Limited rainfall is expected in major crop areas of the US until the middle of next week which will provide minimal drought relief, an agricultural meteorologist said on Thursday. "Chances for notable improvement in soil moisture for the Central Plains and western Midwest is limited, and this will also result in falling river levels in the mid-Mississippi Valley," said Joel Widenor, meteorologist for Commodity Weather Group.
* Key support for the March contract is at its 200-day moving average of $6.83-1/2 and key resistance is at the 50-day moving average of $7.33. The nine-day relative strength index is at 28.
Center>Copyright Reuters, 2013
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