Chicago Board of Trade corn futures ended lower Friday on technical selling and a stronger dollar, which tends to make US grains less competitive globally, traders said. CBOT December corn settled down 3-3/4 cents at $3.69-3/4 per bushel, just above chart support at its 100-day moving average near $3.67-1/2.
For the week, the contract fell 1-1/2 cents, or 0.4 percent, following a two-week climb. Spillover weakness from CBOT wheat futures added to bearish sentiment. The US dollar firmed after the Federal Reserve reaffirmed its monetary tightening stance, setting up for a fourth US interest rate hike this year in December.
Traders were still digesting Thursday's monthly supply/demand reports in which the US Department of Agriculture nearly doubled its forecast of world 2018/19 corn ending stocks.
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