CBOT corn slumps on US demand worries
CHICAGO, Jan 27 (Reuters) - Chicago Board of Trade corn futures ended lower on Tuesday on concerns about slowing demand from U.S. ethanol producers due to severe weather, traders said.
Very cold, blustery conditions prevailed throughout the Corn Belt, according to a daily U.S. Department of Agriculture weather report.
Traders said that wintry weather could limit operations at plants that process corn into ethanol.
Spot basis bids for corn were steady at ethanol plants in the Midwest and steady to up at grain elevators.
Exporters sold 110,000 metric tons of U.S. corn to unknown destinations for 2025/26 delivery, the USDA said in a daily reporting system.
CBOT March corn CH26 closed down 1-3/4 cents at $4.26-1/2 per bushel.
On Monday, the contract ended lower after reaching its highest level since the USDA issued larger-than-expected U.S. crop production and stocks estimates on January 12.
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