CBOT corn futures fall as dollar firms, spillover pressure from soybean market
CORN•CBOT December corn futures fell 5-1/4 cents to $5.23 per bushel on Monday, after reaching an earlier low of $5.17-1/4. A firmer dollar and weakness in soybeans weighed on the market.
1. Corn futures decline
CBOT December corn futures ended Monday down 5-1/4 cents at $5.23 per bushel, after falling earlier to $5.17-1/4. Market analysts cited spillover weakness from soybeans and a firmer dollar, which tends to make U.S. grains less competitive globally.
2. Other market pressures
News that corn and wheat were included on a list for reduced Chinese tariffs drew little support, traders said, because Beijing is thought to have limited demand for those U.S. grains. Strength in bond yields and oil prices also weighed on grain and oilseed markets, while managed commodity funds’ sizable net long position in corn left the market vulnerable to bouts of long liquidation.
