CHICAGO: US corn futures declined for the third straight session and finished at their lowest levels of the month on Monday, pressured by improved planting conditions in the top-producing country the United States, traders said.
Warm and dry conditions over the weekend allowed farmers in much of the US Midwest to work fields. Extended forecasts in the region call for above-normal temperatures but scattered rains could delay corn seedings later this week in parts of the northern and central Midwest.
Analysts polled by Reuters estimated farmers had seeded 5 percent to 13 percent of their 2014 corn acres as of Sunday. The average trade estimate of 9 percent compares with the seasonal average of nearly 14 percent by late April. Cool weather during most of April had stalled planting.
The US Agriculture Department said 1.6 million tonnes of corn were inspected for export in the week ending April 17, above analyst expectations ranging from 1.05 to 1.55 million tonnes.
Corn imports from the United States into China totaled 11,942 tonnes in March, the General Administration of Customs of China said.
The Korea Feed Association (KFA) will tender on Monday to buy 60,000 tonnes of corn from the United States, South America or other origins, US traders said. KFA is seeking grain for arrival by Oct. 15, they said.
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