Corn futures at the Chicago Board of Trade sagged to new contract lows early on Wednesday with the market weighed down by active harvest and quiet exports, traders said.
At 10:32 am CDT (1532 GMT), CBOT corn was down 1/4 to 1 cent per bushel. December was down 1 at $1.98-1/2 per bushel. The new contract low for December is $1.98-1/4 per bushel, below the previous low of $1.98-3/4.
Man Financial and O'Connor and Co each sold 500 December and UBS Warburg sold 300 December, pit sources said. Exports were quiet overnight and traders continue to state that while demand for corn remains good, the big supply of feed grains continues to limit attempts to rally corn futures prices.