Corn sinks ahead of Friday WASDE report
U.S. corn futures fell for the fifth consecutive day Thursday, declining ahead of the U.S. Department of Agriculture's monthly world supply-and-demand report.
The report is due to be issued at noon EST on Friday.
CBOT March corn ended down 11 3/4 cents, or 1.6%, to $7.10 3/4.
Many traders expect the USDA to cut its demand forecasts for U.S. corn, resulting in a higher forecast for domestic stockpiles of the grain.
"It's obvious the trade wants to go into Friday's report with a negative bias," said Dave Marshall, grain marketing adviser for TCFG LLC in Nashville, Ill.
- See how Thursday's trade unfolded in Marketing Talk
- Watch: WASDE preview
- Also: Trade expects more corn
Corn was pressured by concerns about weak demand. U.S. government export sales data on Thursday highlighted the slow pace of exports.
Wheat futures closed at a 3 1/2 week low, declining in unison with corn, with lagging export demand aiding the declines.
The March contract ended down 5 1/2 cents, or 0.7%, at $7.56 a bushel at the Chicago Board of Trade. Kansas City Board of Trade March wheat dropped 8 3/4 cents, or 1.1%, to $8.01 a bushel, while MGEX March wheat finished down 5 1/2 cents, or 0.7%, at $8.39 1/4 a bushel.
U.S. soybean futures settled lower, falling as traders shed risk ahead of Friday's USDA reports. Yet, near-term contracts were underpinned for most of the day by strong demand and tight U.S. supplies.
CBOT soybeans for March delivery finished down 3/4 cent, or 0.05%, at $14.86 3/4 a bushel.
-Write to Andrew Jxohnson Jr. at email@example.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
February 07, 2013 15:54 ET (20:54 GMT)
DJ Corn Futures Settle Lower; Traders Brace for USDA Reports->copyright
Sign up for our Market Email Alerts!