CBOT corn slips in nearby contracts

CHICAGO, May 2 (Reuters) - Chicago Board of Trade corn futures ended lower in nearby contracts on Friday and higher in deferred contracts.

• Traders said they did not see strong fundamental reasons for the setback in old-crop futures and strength in new-crop contracts.

• Export demand remains solid for old-crop corn as U.S. prices are attractive on the world market and supplies are limited in rival Brazil, they said.

• Rain delayed U.S. corn plantings this week, though traders said they expect farmers will plant the crop quickly once the weather clears up.

• Dry weather will open the door for more fieldwork in the Corn Belt next week, though rain will slow plantings in the southeastern Midwest, forecasting firm Vaisala said.

• The U.S. Department of Agriculture is slated to issue a weekly update on corn and soy planting progress on Monday.

• CBOT July corn CN25 closed down 3-1/4 cents at $4.69 per bushel. December corn CZ25, which represents the crop that will be harvested in the autumn, ended up 3 cents at $4.50-1/4.