Chicago Board of Trade corn futures fell to contract lows on Friday, pressured by technical selling and abundant global grain supplies ahead of another bumper US harvest, traders and analysts said. Soyabean futures also eased, declining from Thursday's two-week high as investors awaited final data from the annual Farm Journal Midwest Crop Tour that was due after the close of trading.
Farm Journal will forecast US corn and soya production after crop scouts late on Wednesday projected lower corn yield potential in Iowa and higher in Minnesota and a decline in soyabean pod counts in each state. Wheat futures were about flat, holding above life-of-contract lows reached earlier this week.
Some US farmers were delivering corn and soyabean supplies remaining from last year to make room in grain bins for the new crop. The increased farmer selling further weighed on corn after prices climbed modestly in the previous session. CBOT December corn was down 2 cents at $3.54-1/4 per bushel at 12:15 pm CDT (1715 GMT), up slightly from the earlier contract low of $3.53-1/2. Corn on a continuous chart fell to the lowest level since January and was heading for its fifth consecutive weekly decline.
CBOT November soyabeans were down 2-1/4 cents to $9.44-1/4 per bushel. Soyabeans still were on pace for a narrow weekly gain, which would be the first in a month. CBOT December wheat was unchanged at $4.34-1/2 per bushel, heading for a weekly decline of about 1.7 percent.
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