CBOT corn hits lifetime lows as large supply weighs
CHICAGO, June 25 (Reuters) - Chicago Board of Trade front and back-month corn futures notched lifetime lows on Wednesday on expectations of a hefty Brazilian corn crop and a lack of weather threats for the large U.S. corn crop that has recently been seeded, traders said.
CBOT September corn CU25 settled 7-1/4 cents lower to $4.05 per bushel.
Corn futures also faced selling pressure ahead of the first notice day for the July contracts and the U.S. Department of Agriculture's closely-watched crop progress and quarterly stocks reports on Monday.
Warm, rainy weather in the U.S. Midwest is expected to aid crop development for the nascent corn crop in the coming days, creating a greenhouse-like effect.
In Brazil, farmers are estimated to produce a record 123.3 million metric tons of their second corn crop, agribusiness consultancy Agroconsult said on Tuesday.
Second corn, which Brazilian farmers are harvesting now, will account for about 80% of national output this year. It is mainly exported in the second half, competing with U.S. corn suppliers on global markets.
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