US corn futures on the Chicago Board of Trade closed lower on Monday following the weakness in crude oil and the equity markets, traders said. Outlooks for improving weather for planting in the US western Midwest also weighed on prices. May corn ended 2-3/4 cents lower at $3.87-1/2 per bushel. New-crop December corn closed 2-1/2 weaker at $4.19-1/4 a bushel.
Funds sold 2,000 lots. Rainfall, especially in the south and east, will keep fieldwork slow and delay early plantings but outlooks are improving for western belt. After the markets closed USDA issued its first corn planting progress of the year. USDA said 2 percent of the US corn crop was seeded by Sunday, on par with last year's slow pace and behind the five-year pace of 6 percent.
USDA said 31.4 million bushels of corn inspected for export last week, below estimates for 33.0 million to 37.0 million bushels. Large speculators increased net long position in CBOT corn by 2,600 contracts in week ended April 7- CFTC supplemental report. May oats closed down 3 cents at $1.93 per bushel.