Investing.com – Corn futures were down on Thursday, hovering close to a four-week low as U.S. corn crop conditions improved last week, while concerns over declining demand for U.S. supplies also weighed.
On the Chicago Mercantile Exchange, corn futures for December delivery traded at USD7.1788 a bushel during European morning trade, slumping 0.73%.
It earlier fell as much as 0.82% to trade at a daily low of USD7.1762 a bushel, just above the previous day’s four-week low of USD7.1625 a bushel.
Industry weather group Telvent DTN said in a report Wednesday that corn-growing regions across the U.S. Midwest and Great Plains will benefit from mostly dry and cool weather, the firm’s six-to-ten-day forecast showed.
The U.S. Department of Agriculture said in its weekly crop progress report published earlier in the week that approximately 53% of U.S. corn crops were rated in ‘good’ to ‘excellent’ condition last week, up from 52% in the preceding week.
Nearly 20% of the crop was in ‘poor’ to ‘very poor’ condition, improving from 21% a week earlier.
In Iowa, the largest corn-growing state in the U.S., approximately 57% of the crop was rated ‘good’ to ‘excellent’, while only 5% was in ‘very poor’ condition.
The U.S. is both the world's largest corn producing nation and the world's largest exporter of the grain.
Corn prices came under further pressure after Ukraine’s agricultural analysis agency APK-Inform estimated that Ukrainian corn exports would double to 12.5 million metric tons over the next year, up from 5.3 million tons last year, as the eastern European nation was forecast to harvest a record crop.
The USDA projected Ukraine would ship 10 million metric tons of corn in the 2011/12 marketing season.
The jump in exports is forecast to make Ukraine the world's third largest corn exporter, surpassing Brazil for the first time in seven years.
Elsewhere on the Chicago Mercantile Exchange, wheat for December delivery fell 0.99% to trade at USD6.9738 a bushel, while soybeans for November delivery shed 0.29% to trade at USD13.8013 a bushel.
On the Chicago Mercantile Exchange, corn futures for December delivery traded at USD7.1788 a bushel during European morning trade, slumping 0.73%.
It earlier fell as much as 0.82% to trade at a daily low of USD7.1762 a bushel, just above the previous day’s four-week low of USD7.1625 a bushel.
Industry weather group Telvent DTN said in a report Wednesday that corn-growing regions across the U.S. Midwest and Great Plains will benefit from mostly dry and cool weather, the firm’s six-to-ten-day forecast showed.
The U.S. Department of Agriculture said in its weekly crop progress report published earlier in the week that approximately 53% of U.S. corn crops were rated in ‘good’ to ‘excellent’ condition last week, up from 52% in the preceding week.
Nearly 20% of the crop was in ‘poor’ to ‘very poor’ condition, improving from 21% a week earlier.
In Iowa, the largest corn-growing state in the U.S., approximately 57% of the crop was rated ‘good’ to ‘excellent’, while only 5% was in ‘very poor’ condition.
The U.S. is both the world's largest corn producing nation and the world's largest exporter of the grain.
Corn prices came under further pressure after Ukraine’s agricultural analysis agency APK-Inform estimated that Ukrainian corn exports would double to 12.5 million metric tons over the next year, up from 5.3 million tons last year, as the eastern European nation was forecast to harvest a record crop.
The USDA projected Ukraine would ship 10 million metric tons of corn in the 2011/12 marketing season.
The jump in exports is forecast to make Ukraine the world's third largest corn exporter, surpassing Brazil for the first time in seven years.
Elsewhere on the Chicago Mercantile Exchange, wheat for December delivery fell 0.99% to trade at USD6.9738 a bushel, while soybeans for November delivery shed 0.29% to trade at USD13.8013 a bushel.