Reduced demand pulled down corn futures from their top price of five weeks, according to Bloomberg.
That demand pullback came from manufacturers of grain-based fuel, animal feed and food. For week ended November 22, export sales of corn from the U.S. fell 69 percent to amount to 263,140 metric tons as compared to one week prior, according to data released by the U.S. Department of Agriculture. Ethanol production fell 1 percent for week ended November 23 to scrape its lowest in five weeks and chicks placed on feed slumped 3.8 percent last week from one year ago.
"The rally in prices slowed exports and ethanol production," research director Jerrod Kitt with the Linn Group in Chicago told the news source on Friday. "The drop in chicken production also weighed on the market."
At 9:40 a.m. on Friday, corn futures fell 0.63 percent, a 0.0475-cent loss to $7.54 per bushel.
Corn markets are forecast to endure some pressure on Friday as a result of end-of-month selling and the possibility of closing the Mississippi River to barge traffic, according to Agriculture.com.
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