Chicago Board of Trade (CBOT) corn futures closed lower on Monday, halting a four-session rebound from contract lows set last week, as traders focused on disappointing weekly US export data and the absence of a US trade deal with China. CBOT May corn settled down 1-3/4 cents at $3.71-1/2 per bushel.
The US Department of Agriculture reported export inspections of US corn in the latest week at 795,241 tonnes, at the low end of trade expectations and down from 803,351 tonnes the previous week. Analysts noted strong competition for export business from Ukraine, Argentina and Brazil.
Market underpinned by short-covering after weekly supplemental US commitments data showed commodity funds expanding their net short position in CBOT corn to 258,582 lots in the week to March 12, the largest net short since November 2017. Traders also eyeing flooding in portions of the western Midwest and the Mississippi River Delta that could delay corn planting in the coming weeks, potentially enticing farmers to switch some fields to soyabeans.
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