Chicago Board of Trade corn futures fell on Friday, with the benchmark December contract hitting its lowest in a week on hedge-related selling as the harvest of a bumper US crop continued, traders said. CBOT December corn settled down 4-1/2 cents at $3.44-1/2 per bushel after dipping to $3.44-1/4, its lowest since the contract low established on October 12 at $3.42-1/2.
For the week, the contract fell 8-1/2 cents per bushel or about 2 percent. Harvest was active in the Midwest this week, aided by dry conditions for fieldwork. Traders shrugged off confirmation of fresh export demand. The US Department of Agriculture said private exporters sold 120,000 tonnes of US corn to Spain and another 125,000 tonnes to unknown destinations, all for delivery in the 2017/18 marketing year.
Corn futures showed little reaction to news that the US Environmental Protection Agency will keep volume mandates for renewable fuel - including corn-based ethanol - for next year at or above proposed levels, reversing a previous move to open the door to cuts.