CBOT corn finishes lower amid abundant supply
CHICAGO, Aug 8 (Reuters) - Chicago Board of Trade corn futures finished lower on Friday after spending the day chopping up and down as traders weighed an uptick in demand against a backdrop of abundant supply.
Expectations of plentiful supply have weighed heavily on prices as growing conditions for U.S. corn and soybeans appeared ideal.
However, lower prices have sparked an uptick in demand.
A series of flash sales of corn in recent days to Mexico, Guatemala and unknown destinations have helped support prices.
Short-covering also helped wheat and corn prices rebound as traders exited their positions ahead of an upcoming U.S. Department of Agriculture report.
U.S. exporters sold 125,000 metric tons of corn to unknown destinations for 2025/26 delivery, the U.S. Department of Agriculture reported.
The U.S. is expected to produce bumper corn harvests later in the year. Analysts polled by Reuters think the U.S. Department of Agriculture will raise its estimates in a monthly report due on August 12.
CBOT December contract CZ25 fell 1-1/2 cents to close at $4.05-1/2 per bushel.
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