US corn futures closed lower on Monday on light fund selling, tied to profit-taking, ahead of the release early on Tuesday of USDA's November crop reports. Firm dollar also weighs. CBOT December down 2-1/2 cents per bushel at $5.85-1/4 per bushel. Funds sold estimated net 2,000 contracts. USDA reported export inspections of US corn in the latest week at 24.890 million bushels, below trade estimates for 27 million to 31 million.
US corn supply seen falling to 15-year low. USDA forecasts get scrutiny as corn supply tightens. Israeli firm tenders to buy corn and sorghum. Dry crop weather in west-central and north-central Argentina seen unfavourable; showers in Brazil over the next week to 10 days to boost crop prospects. South Korea buys 110,000 tonnes of corn, 55,000 tonnes of feed wheat. Cash corn basis steady to firm in US Midwest interior. CBOT December oats was up 1-1/4 cents per bushel at $3.76-1/2.
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