Chicago Board of Trade corn futures were slightly lower on Tuesday, weighed down by technical selling and abundant global grain supplies, traders said. Wheat prices eased about 1 percent and that weakness spilled over into the corn market.
Hot and dry weather in Argentina could limit corn and soybean yields there, and help limit losses in corn. The US corn cash market firmed, with bids for barges destined for Gulf Coast export terminals rising on slow farmer sales and demand hopes.
The US Department of Agriculture in its daily export sales reporting system said 256,096 tonnes of US corn was sold to unknown destinations. Analytics firm Informa Economics slightly reduced its estimate for 2018 US corn seedings.
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