Markets

CBOT corn ends lower as macro fears escalate

CHICAGO : Chicago Board of Trade corn futures closed lower on Wednesday as investors grew more concerned about the glo

Published September 28, 2011 Updated September 28, 2011 07:02pm

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By Abdul Ahad

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* Equities markets fell, the dollar held firm, crude oil tumbled and investors also were hesitant to buy corn futures.

* The falling stock market and sliding commodities underscored concerns about the global economy and Europe's festering debt crisis.

* The USDA on Friday in its quarterly stocks report is expected to show the corn supply in the US on Sept. 1 at the lowest in 8 years and down 44 percent from a year ago.

* Drier weather will soon move into the eastern US Midwest corn and soybean region, boosting drydown of mature crops and speeding the harvest, an agricultural meteorologist said on Wednesday.

* Exporters sell 124,000 tonnes of US corn to South Korea for 2011/12 delivery - USDA.

* Corn export premiums at the US Gulf Coast held steady late on Tuesday, underpinned by tight supplies coming from the river market following Midwest harvest delays and slow producer selling, traders said.

* Key support for December at its 200-day moving average of $6.42-1/2 was broken driving the contract to a session low of $6.28-3/4.

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