CBOT corn weakens as harvest advances

By Reuters News

CHICAGO, Oct 23 (Reuters) - Chicago Board of Trade corn futures eased on Friday as the harvest advanced in the US Midwest and traders positioned ahead of the weekend, according to analysts.

  • Dry weather conditions have been beneficial for harvesting in the US Midwest this week, but showers are expected to expand across the region next week, according to Commodity Weather Group.

  • Analysts said market players were attempting to minimize its headline risk ahead of the weekend, creating lackluster trade.

  • Some US farmers were finishing their soybean harvest after a stretch of favorable Midwest weather and were shifting to harvesting corn, according to analysts.

  • The US Department of Agriculture confirmed private sales of 116,000 metric tons of US corn to unknown destinations.

  • South Korea's Feed Leaders Committee (FLC) bought around 65,000 metric tons of animal feed corn in a private deal earlier this week without issuing an international tender, European traders said on Friday.

  • CBOT December corn settled 4-1/2 cents lower at $4.56 a bushel.

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