Corn futures weakened Thursday due to an increasingly light demand of the crop. The U.S. Agriculture Department said that new-crop export sales of corn were below trade estimates ranging from 800,000 to 1 million tons at 758,700 tons this week, reports Reuters.
Corn for September delivery was 3-3/4 cents lower at $3.59-1/2 a bushel on the Chicago Board of Trade. Forecasts of a bigger harvest is keeping bargain buyers on the sidelines despite the fact that prices are near four-year lows, bringing futures down 12 percent this year.
Greg Grow, director of agribusiness for Archer Financial Services said, "Corn remains a bit bearish as reports continue to come from the interior of very strong looking yield potential in this year's corn crop," according to Reuters.
Meanwhile, Shanghai JC Intelligence Co reported that corn output in China is likely to fall for the first time in five years after a drought swept through the country's second-biggest producing region in the North China Plain. The agricultural researcher also said in a statement, according to Bloomberg, that Thursday's output may fall to 200 million metric tons from last year's record 203 million tons.
The grain was last traded at $9.87 a bushel at 2,373 yen a ton on the Dalian exchange.
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