Corn futures at the Chicago Board of Trade were lower early on Wednesday amid a setback from the higher close on Tuesday and on slow export sales of US corn, traders said.
At 9:57 am CDT (1457 GMT), CBOT corn was down 1-1/2 to 2-3/4 cents per bushel. September was down 2 at $2.05-1/2 per bushel. December was down 2-3/4 at $2.18-1/2.
Pit sources said Refco Inc sold 300 December.
Traders said there was nothing in the export arena to boost corn futures prices and cash basis bids for corn in the Midwest on Wednesday were weak at river locations but mixed in the interior. Farmer selling remained slow, cash dealers said. Deliveries of corn on the September contract were light on Wednesday at 86 lots and there was scattered stopping of the corn. Registrations with the CBOT dropped to 1,127 lots from the previous 2,069.