Corn futures at the Chicago Board of Trade slipped early Friday on profit-taking after scaling a 10-year peak Thursday on month-end speculative buying, traders said.
CBOT December corn as 2-1/4 cents lower at $3.74-3/4 per bushel by 11:25 am CST (1725 GMT). The back months were 1/2 cent to 5 cents weaker. The market hit its lows early in the session amid bearish moves stemming from the options pit when firms bought puts and sold calls.
Heavy deliveries against December contract on Friday was bearish, along with the declines in other commodity markets as crude oil and metals. Funds remain heavily weighted to the long side, leaving the market open to occasional bouts of liquidation. But demand from export, ethanol and livestock sectors continues to underpin values. Also, a weak US dollar was supportive.
Midwest basis bids for corn were steady, with sales slow especially in the eastern belt which was getting hit with its first major winter snowstorm of the season. CBOT oat futures were lower following the weakness in corn. December was down 2-1/4 cents at $2.54-1/2 per bushel, with the back months 1-3/4 to 2-1/2 cents down.
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