Corn futures weakened at the Chicago Board of Trade for the second day in a row on Thursday, turning lower following a firm opening as a rally in crude oil prices lost steam, traders said. Traders said the corn market might be prone to dips as investors lock in profits on rallies after prices gained nearly 14 percent during the past week.
But the US Agriculture Department's reduced crop view would likely limit any downturns. CBOT corn for December delivery settled down 2 cents at $5.67-1/4 a bushel. Funds bought 4,000 contracts. South Korea's Nonghyup Feed bought 108,000 tonnes corn in tender but passed on 55,000 tonnes. French analyst Strategie Grains cut forecast for EU maize crop for the fifth month in a row to 55.6 million tonnes, down 400,000 tonnes from last month. Analysts see weekly export sales in range from 1.5 million to 1.8 million tonnes.