Chicago Board of Trade corn futures ended lower on Monday on disappointing weekly export data and worries about an economic hit to China as the coronavirus continued to spread, traders said. CBOT March corn settled down 2-1/2 cents at $3.78-3/4 per bushel after dipping to $3.76-1/2, the contract's lowest since January 16.
The US Department of Agriculture reported export inspections of US corn in the latest week at 562,380 tonnes, at the low end of trade expectations for 500,000 to 800,000 tonnes. Additional pressure noted from generally favorable crop weather in South America that bolstered expectations for large harvests in Brazil and Argentina. Rains have been ample in key parts of Argentina's Buenos Aires province, but they have been uneven in some isolated areas, a grower and climatologist said.