Futures Pros – Corn futures were down for the third consecutive day on Tuesday, falling to a hit a fresh daily low, amid signs of decreased demand and as fears over U.S. supplies eased.
On the Chicago Mercantile Exchange, corn futures for December delivery traded at USD 5.3600 a bushel during European afternoon trade, falling 0.46%.
The December corn contract was due to expire at the end of trading Tuesday.
Meanwhile, the more actively traded March contract traded at USD 5.5112 a bushel, shedding 0.23%.
On Monday, the U.S. Department of Agriculture said in its weekly grain report that corn for export inspected at U.S. ports in the week ended November 25 declined by 22% to 23.8 million bushels, down from 30.8 million bushels a week earlier.
Also Monday, a separate report showed that approximately 98% of corn crops in Nebraska were ready for harvest in the week ended November 28, easing fears over a shortage in U.S. corn crops.
Nebraska is the largest corn producing state in the U.S., while the U.S. is both the world’s largest corn producing nation and the world’s largest exporter of the grain.
Meanwhile, the dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.33% during European afternoon trade.
A stronger dollar reduces the appeal of U.S. crops to overseas buyers and makes commodities less attractive as an alternative investment.
Elsewhere, wheat for March delivery shed 0.09%, to trade at USD 6.9062 a bushel, soybeans for January delivery rose 0.13% to trade at USD 12.3638 a bushel, while U.S. cotton for March delivery jumped 2.29% to trade at USD 1.1860 a pound.
