US corn futures closed lower early on Wednesday amid profit-taking after the strong rally on Tuesday, traders said. Improved corn planting weather in US Midwest weighs in addition to spillover pressure from falling wheat.
Corn closed 6 cents to 9-1/2 cents lower, with the May contract down 6-1/2 cents at $5.87-3/4 per bushel. Funds sold 3,000 lots. Rains to return late this week but extended forecasts for early May looking drier. US Midwest spot basis bids for corn were steady, underpinned by quiet sales as farmers focus on field work. Oats closed 4-1/4 to 4-3/4 cents per bushel lower, with May down 4-1/2 at $3.74-1/2 per bushel.
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