Chicago Board of Trade corn futures dropped to a one-month low on Tuesday on forecasts for good spring planting weather in the U.S. Midwest that could potentially increase acres planted this spring.
-Concerns about ample supplies and weak U.S. corn export demand added further pressure to prices after a media report said Chinese authorities were seeking to curb some imports.
-CBOT May corn ended 9 cents lower at $4.26-1/2 a bushel after touching its lowest point since March 6.
-Corn was pressured by forecasts for good planting weather in the heart of the U.S. Midwest corn belt later this month following rains this week. Good early season weather tends to support more corn planting.
-The market rallied last week after the U.S. Department of Agriculture (USDA) forecast smaller-than-expected U.S. corn plantings.
-The USDA late on Monday said 2% of the U.S. corn crop was planted as of Sunday, in line with trade estimates.