Corn futures on the Chicago Board of Trade were lower early on Wednesday on harvesting of a likely record large US corn crop and on a drop in wheat futures, traders said. At 10:58 am CDT (1558 GMT), CBOT corn was down 1/4 to 4-1/4 cents per bushel, with December down 4 at $3.44-3/4 per bushel.
A firm tone in the US dollar, which would trim export sales of US corn, also weighed on corn futures prices. Traders and analysts said the direction of wheat futures on Wednesday would be a vital barometer for the fate of corn futures but for the long pull the corn market is facing numerous important fundamental inputs.
Corn futures were finding underlying support from strong demand but prospects for farmers to harvest a record 13.0 billion-bushel plus crop this year would probably limit aggressive new buying enthusiasm. Oat futures were unchanged to 1/2 cent per bushel lower, with December down 1/2 at $2.76 per bushel.
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