Corn futures on the Chicago Board of Trade ended lower on Friday for a fifth straight session on chart-based selling and forecasts for plentiful global supplies following large South American harvests, traders said. CBOT May corn settled down 2-3/4 cents at $3.64-1/4 per bushel after dipping to $3.62-1/2, its lowest since January 13.
For the week, May corn fell 16-1/2 cents per bushel or about 4.3 percent, the biggest weekly slide for a most-active corn contract since September. Managed commodity funds built a net long position in CBOT corn futures in recent weeks, leaving the market vulnerable to long liquidation. The US Department of Agriculture on Thursday raised its forecast of global 2016/17 corn ending stocks to 220.68 million tonnes, above the average trade estimate and up from 217.56 million last month. The CBOT reported no deliveries against March corn futures.
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