US corn futures closed lower on Thursday with good crop weather in the United States, lingering pressure from Tuesday's bearish US corn acreage forecast, a firm dollar, lower crude oil and weak equity markets combining to weigh on the market.
CBOT July down 6 cents per bushel at $3.45-3/4 per bushel, with December down 11-3/4 at $3.57-1/2. Funds sold 11,000 lots. Market underpinned by strong weekly export sales data.
Informa Economics estimates 2009 US corn production 12.524 billion bushels. Generally favourable weather conditions for the developing US corn and soybean crops are expected to continue during the next seven days. USDA said 1,272,100 tonnes of US corn (1,155,100 tonnes old-crop) sold for export last week, above estimates for 550,000 to 850,000 tonnes.
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