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CBOT corn eases on profit taking, technical selling

By Reuters News4 hours ago Updated

CHICAGO, Nov 11 (Reuters) - Chicago Board of Trade corn futures eased on Wednesday in a profit-taking and technical-selling correction after prices rallied a day earlier on a bullish monthly US Department of Agriculture report.

Corn spiked on Tuesday after the US Department of Agriculture lowered its US corn harvest outlook by more than expected and tightened its end-of-season supply estimate. But the agency also lowered its US export forecast and raised production estimates for rival suppliers in South America.
CBOT December corn futures settled a penny lower at $4.48 per bushel. The benchmark contract hit overhead technical resistance near its 20-day moving average and failed to push above Tuesday's session high.

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