US corn futures closed lower on technical selling on Friday after dropping to their lowest price in more than seven weeks, traders said. Most-active Chicago Board of Trade December corn futures fell 2-3/4 cents to $3.59 a bushel. Earlier, the contract touched $3.58-3/4, its lowest price since October 1.
The market felt spillover pressure from oil dropping to its lowest price in more than a year, a trader said. The US Department of Agriculture said exporters struck deals to sell 132,000 tonnes of US corn to South Korea. Weekly US corn export sales of 877,400 tonnes were at the high end of estimates for 600,000 to 900,000 tonnes, USDA data showed.