CBOT corn falls on good weather in central US, cheap South American supplies
CHICAGO, May 29 (Reuters) - Chicago Board of Trade corn futures dipped down on Thursday as benign weather was forecast in the central U.S. and cheap South American crops undercut U.S. exports, according to analysts.
CBOT July corn CN25 settled down 4 cents at $4.47 a bushel.
A Reuters poll of analysts estimated that the U.S. Department of Agriculture would report export sales of corn for the week ended May 22 at 750,000-1,400,000 metric tons. USDA/EST
Dry weather is expected across the central United States over the weekend, but widespread rain is expected during the 6-10 day period, according to Commodity Weather Group.
With the harvest underway in Argentina and the safrinha corn harvest just beginning in Brazil, cheaper South American supplies are competing with U.S. exports, according to analysts.
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