Cbot Corn Follows Soybean Futures Lower In Range: bound trade

Stonex

01/02/2024 20:36

CHICAGO, Feb 1 (Reuters) - Chicago Board of Trade corn
futures drifted lower on Thursday on spillover weakness from
soybean futures and worries about burdensome U.S. grain
supplies, traders said. 
    * CBOT March corn  CH24  settled down 1 cent at $4.47-1/4
per
bushel but stayed inside of Wednesday's trading range.
    * The U.S. Department of Agriculture (USDA) reported export
sales
of U.S. old-crop corn in the week to Jan. 25 at 1,206,700 metric
tons, toward the high end of trade expectations. Japan and
Mexico were the week's top buyers.  EXP/CORN 
    * Seed maker Corteva projected a modest shift in U.S. crop
area in
2024 from corn to soybeans.
    * StoneX, a brokerage, estimated Brazil's total corn harvest
at
124.5 million tons, practically unchanged from last month.


 (Reporting by Julie Ingwersen; Editing by David Gregorio)
 ((Julie.ingwersen@thomsonreuters.com; 1-313-484-5283; Reuters
Messaging: julie.ingwersen.thomsonreuters.com@reuters.net))