Chicago corn futures dip to three-week low amid wheat glut
CHICAGO, Dec 16 (Reuters) - Chicago Board of Trade corn futures ended lower on Tuesday, touching a three-week low during the trading session, as weakness in the wheat market spilled over into corn futures, traders said.
Cheap and plentiful Argentine and Australian feed wheat have underscored hefty global supplies and could eat into demand for corn as a livestock feed, market analysts said.
CBOT March corn CH26 settled down 3-1/4 cents at $4.36-1/2 per bushel. During the session, the most-active contract Cv1 dipped to a low of $4.35-1/2 a bushel - the lowest price since November 24.
Progress in talks to end Russia's war in Ukraine also hung over grain markets, analysts said. Ukraine is a major corn and wheat exporter.
The market seemed unmoved by solid U.S. export demand, one analyst said.
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