US corn futures on the Chicago Board of Trade closed lower for the fourth straight day on Wednesday as a rebounding dollar and outlooks for an improvement in harvest weather next week sparked technical sales, traders said. The dollar rose to more than 2-week high as investors turned to the safe-haven appeal of the US currency.
A firmer dollar makes American exports like corn more expensive to overseas buyers and prompts investors to sell commodities as their risk appetite wanes. Dry harvest weather headed to US Midwest next week. Corn hit a 2-week low with front-month December closing below its 20-day moving average of $3.70-1/2. December corn ended down 1-3/4 cent at $3.69 a bushel; deferreds down 1-1/2 to up 2-1/2.
Commodity funds sold an estimated 2,000 to 3,000 contracts -traders. Volume was large estimated at 206,422 futures and 66,249 options. US Midwest spot basis bids for corn steady/weak late Wednesday with increased supplies moving into marketing channels in the western belt where it is dry enough to harvest - dealers.