Chicago Board of Trade (CBOT) corn futures stumbled on Wednesday on expectations that US farmers will make progress planting the next crop, traders said. CBOT May corn closed 3/4-cent lower at $3.58-1/4 per bushel. The contract set itts lowest price since April 9 Warmer weather is expected in the US Midwest in the coming days, stoking hopes that farmers will be able to plant corn after rain delays, traders said.
The weather looks notably drier across the north central US during the 6-10 day period, compared to Tuesday's forecast, according to forecaster Maxar. That shift "would allow wetness to ease and would improve conditions for fieldwork," the firm said in a note. The USDA on Thursday is expected to report US corn export sales in the week ended April 11 were 500,000 to 950,000 tonnes, according to analysts' estimates collected by Reuters. Large global corn supplies continue to hang over the market.