Most-active Chicago Board of Trade July corn futures reversed from earlier gains and set new lows in the final minute of trading. Futures also tested the 200-day moving average of about $4.73 per bushel the last major moving average providing further support from another move to the downside. New-crop December corn also lost ground and was trading below all major moving averages.
Prices for the yellow grain were trading at levels last seen in March while CME Group data shows that open interest and trading volumes also were near the lowest levels in more than two months.
A majority of the US corn crop has been planted, US Agriculture Department data showed late on Monday, while generally favorable conditions should benefit newly planted seeds with largely warm temps and scattered showers forecast in the Corn Belt.
Japan's use of corn in animal feed rose to 46.2 percent in March from a year earlier, as users' reliance on alternatives such as sorghum, wheat and barley decreased.
South Korea's Major Feedmill Group (MFG) has purchased 198,000 tonnes of corn to be sourced from optional origins and South America in a tender for up to 210,000 tonnes which closed on Tuesday, European traders said.