Corn futures at the Chicago Board of Trade slid on Thursday on diminished concerns about frost damage threats to the northern Midwest corn crop, after Wednesday's weather rally, traders said.
CBOT corn futures were 2-1/2 to 4-3/4 cents per bushel lower by 10:30 am CDT (1030 GMT). Both front months were 4-1/4 cent lower, with September at $2.29-1/4 and new-crop December at $2.38-1/2.
Funds were early sellers, including Cargill Investor Services with 500 December and 400 March, traders said. Refco and Man Financial each sold 300 to 500 December.
Weather forecasters on Thursday were taking frost out of their Midwest outlooks. Corn and soybean prices rallied on Wednesday on some forecasts calling for frost by September 9. Corn in the Upper Midwest is lagging behind in maturity. Not only does the crop need warm temperatures to maximise yield potential, it is especially vulnerable to an early freeze.
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