Corn futures at the Chicago Board of Trade ended down sharply on Friday with better planting weather in the US Midwest and profit-taking in the old-crop contracts hitting prices, traders said.
CBOT corn closed 10-3/4 cents per bushel lower to 1 higher, with May down 10-3/4 at $3.60-1/2 per bushel. New-crop December was down 5-1/4 at $3.74-3/4 per bushel. Traders said there was some position evening after the past two sessions of aggressive unwinding of bear-spreads that had sharply boosted the nearby months and pressured new-crop contracts.
"It's amazing how the focus of the corn market can change so quickly," said Jerry Gidel, analyst for North America Risk Management Inc, referring to the recent volatile price swings.
Gidel said the current drier and warmer weather in the Midwest pressured corn and pegged the US corn planting progress this week at 16-17 percent, up from 4 percent a week ago but still behind the 22 percent five-year average. Traders said the corn market remained on edge and would remain volatile as US farmers attempt to plant the largest corn acreage since 1944 to meet the demand for corn from the growing ethanol industry.