Corn futures at the Chicago Board of Trade ended lower on Thursday and new contract lows were set after the release of bearish crop production numbers from the US Department of Agriculture, traders said.
CBOT corn closed 3/4 to 2 cents per bushel lower, with December down 1-1/2 at $1.93-3/4 per bushel.
The new contract low for December is $1.93-1/2, below the previous low of $1.94-1/4.
USDA's November crop report released early Thursday showed the 2005 US corn crop at 11.032 billion bushels, above the government's October forecast for 10.857 billion.
The government also boosted its forecast for 2005/06 US corn ending stocks to 2.319 billion bushels, from 2.220 billion in October.
"Ending stocks are now up in the burdensome level. When you're talking about 2.319 billion bushels, next year people are going to be respectful that we can grow a crop, a sizeable crop, under some adverse conditions," said analyst Don Roose at US Commodities in West Des Moines, Iowa.
US Midwest interior cash basis bids were steady to firm amid slow farmer sales, while river bids were softer.
Meteorlogix weather on Thursday said generally satisfactory weather is on tap for the final harvests of the US Midwest corn crop.
US weekly export sales were market-neutral, coming in close to expectations. USDA said export corn sales were 884,100 tonnes last week, within estimates for 700,000 to 900,000 tonnes.
Overnight export business featured Taiwan buying 60,000 tonnes of US corn and South Korea's KOCOPIA issued a tender to buy up to 110,000 tonnes of optional-origin corn. Oat futures closed 1-1/2 cents per bushel higher to 1 cent lower, with December up 1-1/4 at $1.67 per bushel.
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