Chicago Board of Trade corn futures sagged on Thursday, with December setting a new contract low for the 10th straight session, on US harvest pressure and reports of excellent yields, brokers said.
Corn futures were last down 2 cents to up 1 cent, with December down 2 cents at $2.08-1/4 per bushel, a new low. Local traders were light sellers after Cargill Inc. bought 500 December, Citigroup bought 300 March and USA Trading bought 200 December, floor brokers said.
US harvest pressure and estimates for a record 2004 US corn crop outweighed supportive weekly US corn export sales, brokers said.