Corn futures at the Chicago Board of Trade opened firm on Thursday on better-than-expected weekly export sales, but quickly turned lower as the market stays pressured by prospects for a record-large US corn crop, traders said.
New contract lows were hit in nearly all months.
By 10:35 a.m. CDT (1535 GMT), CBOT corn futures were 3/4 cent to 1-3/4 cent per bushel lower. New-crop December was down 1-1/2 at $2.17, after dipping to fresh low of $2.16-1/4.
Funds were featured sellers, with Refco and Cargill Investor Services each selling 400-500 December, traders said.