Corn futures at the Chicago Board of Trade fell to new contract lows early on Wednesday on concerns about the fate of US exports amid the devastation this week from Hurricane Katrina, traders said.
"I think this Gulf situation could be a real problem," a trader said.
At 10:12 am CDT (1512 GMT), CBOT corn was unchanged to 2 cents per bushel lower. September was down 2 at $2.01-1/2 per bushel. December was down 2 at $2.16-1/2. New contract lows of $2.01 and $2.15-3/4 were set in the September and December respectively.
Commercial selling, a key bearish factor, led the way down, pit sources said. Cargill Inc sold a net 300 December and Tenco Inc sold 200 December.
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