CBOT corn dips after prior-session rally, good US planting weath
Chicago Board of Trade corn futures fell on Monday as traders took profits after steep gains the prior session and as favorable U.S. weather was seen potentially increasing acres planted this spring with the feed grain.
CBOT May corn settled 6-1/2 cents lower at $4.35-1/2 a bushel. The strongest rally in eight months last Thursday had lifted the benchmark contract to a seven-week peak.
The U.S. Department of Agriculture (USDA) on Thursday pegged U.S. corn planting intentions below trade expectations, but some traders and analysts expect seeded area to rise due to good planting weather in the forecast.
In a weekly report on Monday, the USDA is expected to report U.S. corn planting at 2% complete.
The USDA on Monday morning said export inspections of U.S. corn totaled 1,431,535 metric tons in the week ended March 28, up 14% from a week earlier and up 30% from the same week a year ago.
CBOT May corn settled 6-1/2 cents lower at $4.35-1/2 a bushel. The strongest rally in eight months last Thursday had lifted the benchmark contract to a seven-week peak.
The U.S. Department of Agriculture (USDA) on Thursday pegged U.S. corn planting intentions below trade expectations, but some traders and analysts expect seeded area to rise due to good planting weather in the forecast.
In a weekly report on Monday, the USDA is expected to report U.S. corn planting at 2% complete.
The USDA on Monday morning said export inspections of U.S. corn totaled 1,431,535 metric tons in the week ended March 28, up 14% from a week earlier and up 30% from the same week a year ago.
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