After rising Sunday night, corn futures turned decidedly lower Monday. Disappointing rainfall in dry areas of Southern Brazil and Argentina over the weekend probably caused the early advance; forecasts indicating little relief over the next two weeks probably boosted prices as well. Conversely, the poor result on the weekly Export Inspections report probably undercut the market, with the latest figure reportedly be the smallest since 1997. Wire service reports also cited technically-based selling and a surprising rise by the U.S. dollar for the slippage. March corn ended the day 1.75 cents lower at $7.3425/bushel, whereas December rose 2.25 cent to $5.9375.

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