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Chicago Board of Trade corn futures dropped to a six-month low on Monday, sinking 2.7% and staking out new contract lows across the board as part of the broad market rout stemming from the coronavirus pandemic, traders said.
Market shrugged off signs of firm export demand.
Benchmark CBOT May corn futures contract dropped below key technical support at the low end of its 20-day Bollinger range.
Export inspections of corn rose to 977,879 tonnes in the week ended March 12 from 829,865 tonnes the prior week, the US Agriculture Department said. That was in line with trade forecasts that ranged from 700,000 tonnes to 1.05 million tonnes.