Chicago Board of Trade (CBOT) corn futures fell more than 1 percent on Thursday, following weakness in the soyabean and wheat markets and pressured by disappointing export sales, traders said. CBOT March corn settled down 4 cents at $3.74-3/4 per bushel on Thursday. The US Department of Agriculture's (USDA) export sales report showed net sales of US corn totaling 459,900 tonnes in the week ended Jan. 3, as the agency continues to clear a backlog caused by the US government shutdown.
Analysts were expecting net sales of 500,000 to 900,000 tonnes. Private analytics firm IEG Vantage, formerly known as Informa Economics IEG, on Thursday projected US 2019 corn plantings at 91.591 million acres, up slightly from its Jan. 23 forecast of 91.504 million acres.
South Korea has been in the market for corn over the past few days, but traders said they expect those needs to be filled by Argentinian corn supplies, which are currently priced cheaper than US corn.
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