Markets

CBOT corn ends down on crop forecast

CHICAGO : Chicago Board of Trade corn futures closed lower on Wednesday on a US corn production forecast that was ab

Published November 2, 2011 Updated November 2, 2011 07:24pm

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By Abdul Ahad

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* Informa Economics pegged 2011 US corn production and yield above expectations.

* Intl FC Stone pegs 2011 US corn production 12.457 billion bushels, slightly above USDA's current forecast for 12.433 billion. USDA will release its next production forecast on Nov. 9.

* Mexico will produce less corn than expected this year after the crop was battered by hard frosts in parts of the country and then by drought, the agriculture ministry said.

* Greece's prime minister faces a grilling from the leaders of Germany and France on Wednesday after fighting to win the backing of his cabinet to hold a referendum on a $178 billion bailout package.

* MF Global Holdings Ltd failed to protect customer accounts, said a top US exchange regulator, another shock for commodity markets scrambling to contain fallout from the brokerage's bankruptcy.

* December broke below support at its 200 day moving average of $6.52-1/2. The nine-day RSI at 48. 1:21 PM CDT

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