CBOT corn drops, down 1.1% in week, on dry Midwest harvest outlook

By Reuters News

CHICAGO, Oct 16 (Reuters) - Chicago Board of Trade corn futures fell for a fourth straight session on Friday, nearing a two-month low, on forecasts for dry weather over the coming week that should be favorable for continued harvesting of what is expected to be a massive US crop.

  • A recent stretch of dry weather around the US Midwest has allowed farmers to accelerate harvesting of summer crops, although many growers were gathering soybeans before corn. Rains slowed the pace of field work in the western Midwest at midweek, but a drier pattern was expected over the weekend and early next week, forecasters said.

  • The US Department of Agriculture reported net weekly export sales of US corn at 1,122,400 metric tons in the current marketing year for the week ended October 8, at the high end of a range of trade estimates.

  • CBOT December corn settled 3-3/4 cents lower at $4.74-1/4 a bushel after hitting overhead technical resistance at its 200-day moving average. The benchmark contract was down 1.1% in the week, its third straight weekly decline.

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