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Corn sinks ahead of Friday WASDE report

02/07/2013 @ 3:08pm

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.

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
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(END) Dow Jones Newswires
February 07, 2013 15:54 ET (20:54 GMT)
DJ Corn Futures Settle Lower; Traders Brace for USDA Reports->copyright 

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