Chicago Board of Trade corn futures drifted lower Tuesday, still feeling pressure a day after the USDA released a surprisingly large US corn crop estimate, traders said.
Soft US cash markets also weighed on futures. Ample supplies amid a slowed export pace due to logistical problems at Gulf export terminals and exorbitant barge costs to move grain to the Gulf drove cash markets lower. Supplies were only seen growing as harvest moves into the Midwest Corn Belt.
September corn was 1 cent lower at $1.97-1/2 per bushel by 11:30 am CDT (1630 GMT), but the contract was thinly traded before expiration on Wednesday. New-crop December was down 1-3/4 cents at $2.09-3/4, holding above its contract low of $2.08-1/2 reached on Monday. Commodity funds sold about 3,500 lots by the midsession. Man Financial sold 800 December, traders said.