US corn futures closed lower on Friday as light fund selling weighed on the market and the December contract gravitated toward the November options expiration target price of $5.60. Traders said the market was consolidating ahead of the weekend. CBOT December down 4-1/4 cents at $5.60 a bushel. Funds sold 5,000 contracts.
Volume estimated over 229,000, below the 30-day average of over 359,000, according to Reuters data. Exporters sell 120,000 tonnes US corn to South Korea for 2010/11 delivery - USDA. Light showers over the next several days may slow US corn and soybean harvesting, but the rainfall isn't viewed as a big problem because fall harvest has been at a record pace, pushing harvest progress well above average. CBOT December oats closed up 1-1/2 cents per bushel at $3.57.
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