Corn futures at the Chicago Board of Trade were lower early on Wednesday amid plummeting outside markets including gold and on growing concerns about the global spread of bird flu, traders said.
Traders said the market also was pressured by rainfall in parts of the US Midwest that was recharging soil moisture reserves ahead of spring planting. And the plentiful supply of corn continues to act as a drag on the market, traders and analysts said.
At 10:05 am CST (1605 GMT), CBOT corn was down 1/2 to 1 cent per bushel, with March down 1/2 at $2.20-1/2 per bushel. May was down 3/4 at $2.29-3/4. Pit sources said FIMAT Futures was the main seller of 700 May.
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