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Corn futures at the Chicago Board of Trade were weaker early Thursday, led lower by the new-crop months due to a rapid planting pace of the 2004 US corn crop, traders said.
The nearbys were underpinned by a strong export pace.
A 20-cent drop in nearby soyabeans added to the weakness in corn.
CBOT corn futures through July 2005 were down 1/2 cent to 3-1/2 cents per bushel by 10:30 am CDT (1530 GMT).
May corn was 1/2 lower at $3.16, while new-crop December was down 3-1/4 at $3.16-1/4 after falling 6 cents to $3.13-1/2.
Rosenthal Collins was among the sellers with 900 December, traders said. Refco Inc and Carr Futures also sold December.
But Rand Financial bought 1,000 December. Ideal planting weather across the Midwest this week - with clear skies and highs in the 70s degrees Fahrenheit - helped farmers move quickly through fields.
CBOT oat futures were 2-1/2 to 4 cents per bushel lower as the market continued to take its cue from corn and wheat, traders said. May oats were down 3-1/4 at $1.63-1/2.

Copyright Reuters, 2004

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