CBOT corn futures dip to three-month low on big supplies
CHICAGO, Jan 13 (Reuters) - Chicago Board of Trade corn futures fell to a three-month low on Tuesday, extending a steep drop a day earlier after the U.S. Department of Agriculture shocked traders by raising its estimate of the U.S. 2025 corn harvest, when the market expected a decline.
Bargain buying and technical buying limited the break on Tuesday. Caution ahead of corn planting in Brazil also held down selling pressure as weather delays could shift the country's harvest potential.
CBOT March corn CH26 settled down 1-3/4 cents at $4.19-3/4 per bushel, after touching $4.17-1/4, the lowest point for a most-active contract Cv1 since October 16.
The USDA on Monday raised its U.S. corn production estimate to a record 17.021 billion bushels and said December 1 corn stocks hit an all-time high. Both topped the average estimate in a Reuters poll of analysts.
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