US corn fell to a five-week low on Friday, dropping 5 percent for the week as export demand for corn waned and on jitters over the fate of the global economy as the eurozone debt crisis kept dominating financial headlines. Soyabeans fell 1 percent and wheat eased but corn led the way, slipping for the seventh time in eight sessions as demand sagged for the popular yellow grain used for feed and fuel.
Corn was following through after it plunged the most in nearly two months on Thursday after a US government export report revealed a paltry export sales pace. Spot corn prices are now down nearly 25 percent from the record high of $7.99-3/4 per bushel set on June 10.
"There has been a change in market sentiment. The market is now defensive because we're seeing below normal demand in exports and there is an increase in feeding wheat instead of corn," said Shawn McCambridge, analyst for Jefferies Bache. At 10:36 am CST (1636 GMT), CBOT corn for December delivery was down 9 cents per bushel at $6.05-1/2, January soya was down 9-3/4 at $11.58-1/2 and December wheat was down 2-1/4 at $5.90-1/4.
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