Chicago Board of Trade corn futures were range-bound early Friday but the market slid to new contract lows in nearly all months as expectations of a huge US corn crop and good Midwest weather weighs, traders said.
CBOT corn futures were up 1/4 to down 1 cent per bushel by 10:25 am CDT (1525 GMT). New-crop December was 1/4 cent higher at $2.16-1/2, after reaching a new low of $2.15-1/2. That was the sixth straight day that December made a contract low.
US corn farmers are expected to harvest a record large crop of nearly 11 billion bushels. Warm, dry weather forecast for the Midwest this weekend should help crops mature and aid early corn harvest.
The nine-day relative strength index for December corn closed on Thursday at 16, below the 30 mark viewed as technically oversold.
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