CBOT corn ends lower, following as crude tumbles on US-Iran ceasefire
CHICAGO, April 8 (Reuters) - Chicago Board of Trade corn futures fell on Wednesday, as crude oil CLc1 futures plunged below $100 a barrel after U.S. President Donald Trump agreed to a two-week ceasefire with Iran, traders said.
Corn sometimes follows energy prices due to its role as a feedstock for ethanol fuel.
Also, managed commodity funds hold a sizable net long position in CBOT corn futures, leaving the market vulnerable to bouts of long liquidation.
CBOT May corn CK26 settled down 1-3/4 cents at $4.47-1/4 per bushel, paring losses after a dip to $4.42-1/4, the contract's lowest since March 4.
CBOT new-crop December corn CZ26 ended down 2 cents at $4.76 a bushel.
South Korean feedmakers were active in booking corn on the global marketplace after CBOT corn futures 0#C: opened sharply lower. GRA/TEND
The U.S. Energy Information Administration said weekly production of corn-based ethanol rose in the week ended April 3 to 1.116 million barrels per day, a two-week high. Weekly U.S. ethanol stockpiles rose to 26.053 million barrels, up 62,000 from the prior week. EIA/S
Ahead of the U.S. Department of Agriculture's monthly supply/demand report on Thursday, analysts surveyed by Reuters on average expected only modest changes in the government's forecasts for U.S. and global 2025/26 corn ending stocks.
Ahead of Thursday's weekly USDA export sales report, traders expected the government to report sales of U.S. old-crop corn in the week ended April 2 at 750,000 to 1,600,000 tons.
