Markets

CBOT corn ends down on plunging equities

CHICAGO : Chicago Board of Trade corn futures closed lower on Thursday on falling equities tied to renewed concerns ab

Published August 18, 2011 Updated August 18, 2011 06:39pm

1 min

By Abdul Ahad

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* Traders said the outside markets were dominating corn price trends with plunging equities, falling crude oil and a firm dollar influencing trade.

* US stocks dropped sharply as data fueled worries the economy was weakening and bank shares tumbled on fears the European financial crisis could spread havoc to other parts of the world.

* USDA's weekly export sales report showed net export sales of US corn last week at 523,900 tonnes, below estimates for 700,000 to 900,000 tonnes.

* Light rainfall and moderate temperatures from Thursday through early next week in the US Midwest will stabilize the corn crop and give a boost to pod-setting soybeans, an agricultural meteorologist said on Thursday.

* Taiwan's Maize Industry Procurement Association will tender on Friday for 48,000 tonnes of US corn, traders said.

* Key resistance for spot corn at the 100-day moving average of $7.15-1/4 and support at the 50-day ma $6.95-1/4. Nine-day RSI at 54.

* New-crop December above all key moving averages. The nine-day RSI was at 57. 1:18 PM CDT

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