Chicago Board of Trade corn futures fell to a seven week low on Wednesday, with forecasts for rain seen boosting crop prospects in both the United States and Brazil, traders said.Corn closed at session lows. Rain in Brazil will help yield potential for Brazil's safrinha corn crop. In the United States, forecast rains would re-charge soil moisture in the Midwest ahead of planting season.
Analysts were expecting a US Agriculture Department report on Thursday morning to show weekly corn export sales were in a range from 1.0 million to 1.5 million tonnes, compared with 1.47 million a week ago. Brokerage INTL FCStone forecast that US farmers would plant a record 91.6 million acres of corn this spring.