Corn futures at the Chicago Board of Trade were weaker early Friday on a mild profit-taking setback from the jump in prices on Thursday, traders said.
CBOT corn futures were 1 to 2 cents per bushel lower by 10:55 a.m. CDT (1555 GMT). September was down 1-1/2 at $2.27-3/4 and new-crop December was 1-3/4 lower at $2.38-1/2.
R.J. O'Brien, ADM Investor Services and Tenco each sold 100-200 December early in the session, floor traders said.
The market has been trapped in a narrow trading range this week as traders speculate about the actual size of the US corn crop. USDA is forecasting a huge crop of just under 11.0 billion bushels, which would smash the current record. Rains moving across the Midwest this week helped ear kernels fill, which was viewed as bearish, traders said.
But corn in the northern Midwest, because of its immaturity, would not meet its full yield potential if the region gets hit by an early frost, traders said.
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