US corn futures on the Chicago Board of Trade closed lower on Friday with escalating concern about the global economic crisis, plunging stock markets and lower crude oil weighing on the market. CBOT March corn closed 3 cents per bushel lower at $3.50-1/4 per bushel. Deferreds ended 3 to 4 cents lower. Volume was large estimated at 254,307 futures and 93,856 options. Funds sold 4,000 to 5,000 lots.
Late short-covering and weakening dollar helped corn close well above the day's lows. March options expired on Friday with traders focused on the $3.50 strike price. There were concerns about exercise risk over the weekend since March corn settled at $3.50-1/4. USDA said export sales of corn last week 1,332,300 tonnes (old-crop) within the range of estimates for 850,000 to 1,500,000 tonnes.
Argentine farmers call anti-government strike. Argentine soy belt to get hard rains Fri-Sunday. Midwest basis bids for corn mixed amid slow farmer sales. March oats closed 3 cents per bushel lower at $1.68-1/2 per bushel. Oat volume was large estimated at 2,622 futures and 90 options.
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