Corn futures at the Chicago Board of Trade fell early on Friday, following the moves in the wheat market which remains volatile on outlooks for global supplies to shrink to 25-year lows, traders said.
Both corn and wheat are viewed as technically overbought given this week's run-up to multiyear highs amid outlooks for global grains stocks to shrink.
December corn was down 2-1/4 cents at $3.13-3/4 per bushel by 11:15 am CDT (1615 GMT). The back months were down 3/4 cent to 2 cents. The market was technically overbought, trading above all key-moving averages. In exports, South Korea overnight bought 52,500 tonnes of corn from China.
Comments
Comments are closed.