Corn futures at the Chicago Board of Trade were drifting lower mid-morning Friday as concerns eased about the young crop as the eastern US Corn Belt was expected to get rain this weekend, traders said.
Also, the July/September spread was correcting after it firmed Thursday amid strong US cash markets. Even so, basis bids remain strong in the US Midwest as a lack of farmer sales underpin basis levels, traders said. July corn was down 3 cents at $3.73-1/2 per bushel by 11:10 am CDT (1610 GMT). September was 2-3/4 cents lower at $3.74 and new-crop December was 1-3/4 down at $3.71.
Commodity funds were sellers; Citigroup and Man Financial each sold 500 December, traders said. Off-and-on showers were expected to move through the eastern US Midwest this weekend, said a DTN Meteorlogix forecaster. That was seen beneficial as top soil moisture is 65 percent short to very short in parts of the eastern Corn Belt.
CBOT oats were lower, setting back from this week's climb. July was down 2 cents at $2.79 per bushel. The back months were down 1 to 4-1/2 cents. CBOT markets will be closed Sunday night and Monday's day session for the US Memorial holiday. Markets reopen Monday night.
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