Chicago Board of Trade corn futures fell for the fourth time in five sessions on Friday, with traders shrugging off a massive export deal to China due to ongoing uncertainty about the ethanol sector.
The corn market gave up early gains when crude oil prices turned lower. Cheap prices for gasoline were seen as a demand-wrecker for ethanol, traders said.
For the week, the most-active corn futures contract sank 6.3%, its biggest weekly loss in seven months.
Private exporters reported the sale of 756,000 tonnes of corn to China for delivery in the 2019/20 marketing year, the US Agriculture Department said.
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