Corn futures at the Chicago Board of Trade closed weak on Wednesday, pulled to new lows as soybeans fell to a nine-month bottom, traders said.
But corn prices kept within about a penny range throughout the session amid a lack of fresh news before the US Thanksgiving holiday.
CBOT agricultural markets closed early on Wednesday at noon CST (1800 GMT). The markets will remain closed on Thursday for Thanksgiving, reopening with the electronic session that evening. Open outcry markets will close at noon CST on Friday.
December corn settled 3/4 cent lower at $1.90-3/4 per bushel, after slipping to a new low of $1.90-1/2. The back months closed 1/2 to 1 cent down. Trade was thin ahead of the holiday.
The corn market has been trapped in a tight trading range this week, keeping within a 1 to 2 cent range. Ongoing concerns about the possibility of lower global feed demand due to the spread of bird flu looms over prices. But firm US cash markets amid a little country movement underpins futures.
Traders continued to roll their December positions before the start of the delivery period on November 30. But spread trade eased on Wednesday.
Overnight export news was quiet.
Midwest spot basis bids for corn were steady to firm at interior locations early Wednesday as country offerings remained light, dealers said.
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