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CBOT corn ends lower, marks fifth consecutive weekly loss

By Reuters News

CHICAGO, Oct 30 (Reuters) - Chicago Board of Trade corn futures fell on Friday, with the most-active contract marking a fifth weekly loss, on growing US harvest supplies and fund liquidation as traders adjusted positions ahead of month end, analysts said.

  • CBOT December corn ended down 3-1/2 cents at $4.47-3/4 per bushel.

  • March corn ended down 3-3/4 cents at $4.61 a bushel and May corn ended 4 cents lower at $4.69 a bushel.

  • The most-active contract on a continuous basis ended down 1.81% for the week, and has fallen 15.2% over the past five weeks.

  • Harvest-related pressure hung over the market as Midwest farmers continued to bring in crops ahead of wet weather expected next week.

  • Still, rain showers over the weekend and early next week may stall harvest progress, one analyst note said.

  • Basis bids for corn were steady to lower in the US Midwest on Friday as the harvest chugged along.

  • The US soybean harvest was 79% complete and corn was 60% complete as of Sunday, the US Department of Agriculture reported, and merchandisers said progress was farther along in many areas.

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