CBOT corn falls on benign weather in central US
CHICAGO, May 30 (Reuters) - Chicago Board of Trade corn futures dipped on Friday on beneficial weather in the central U.S. and ample South American supplies, according to analysts.
CBOT July corn CN25 settled down 3 cents at $4.44 a bushel.
For the week, July corn CN25 fell 3.32%.
The U.S. Department of Agriculture reported weekly export sales of corn in the current marketing year at 916,700 metric tons, in line with trade expectations for 750,000-1,400,000 tons. USDA/EST
Relatively dry weather across the Midwest has recently favored remaining corn and soybean planting, while rains in the coming weeks will improve soil moisture for germination and early crop growth, according to weather forecaster Vaisala.
U.S. exporters sold 210,560 metric tons of corn to unknown destinations, of which 145,560 tons is for 2024/2025 delivery and 65,000 tons is for 2025/2026, according to the USDA.
The harvest in Argentina and the beginning of the safrinha corn harvest in Brazil means cheaper South American supplies are competing with U.S. exports, analysts said.
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