Chicago Board of Trade corn futures fell Friday on fund-driven long liquidation amid a lack of fresh supportive news, and spillover weakness from soybeans and wheat, traders said. CBOT July corn settled down 5-1/2 cents at $3.96-1/2 per bushel after hitting $3.95-3/4, its lowest since April 27. Commodity funds hold a sizable net long position in CBOT corn, leaving the market prone to bouts of long liquidation.
Traders continued to mull Thursday's USDA supply/demand report in which the government projected 2018/19 US corn ending stocks at 1.682 billion bushels, above the average trade estimate of 1.628 billion.
Showers expected in the northern half of the Midwest through early next week should slow planting progress in some areas but also help recharge soil moisture. The CBOT reported 33 deliveries against May corn futures.
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