US corn futures on the Chicago Board of Trade ended lower on Friday, slipping late as the weakness in soya spelled over to corn ahead of the long holiday weekend, traders said. CBOT markets will be closed until Monday for US President's holiday, reopening Monday evening for screen trade.
Corn has been underpinned by the pick up in export demand. But the gloomy economic outlook keeps corn rangebound. March corn ended 3 cents down $3.63-1/4 a bushel. Deferreds ended 2-1/4 to 2-3/4 down. Estimated volume was light and estimated at 141,575 futures and 59,517 options, with most of futures trade linked to rolling of March positions by index funds and commercials.
Commodity funds sold 3,000 contracts. Improved crop weather in drought-stricken Argentina weighed on CBOT markets, especially soyabeans as that crop would benefit the most from recent rains. Better chance of rainfall and cooler temperatures next week in portions of Argentina's crop belt but the La Pampa and western Buenos Aires areas continue to suffer from lingering drought. Argentine farm groups say postpone strike. South Korea feedmakers buy 220,000 tonnes of corn.
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