(Bloomberg) — Chicago corn futures fell as relatively mild temperatures in the US Midwest were set to boost yield potential during the key pollination stage of development.
Corn fell as much as 1.8% to $4.0425 a bushel — holding just above the 3 1/2-year low of $4.03 touched last week against the backdrop of ample existing supplies and a big crop ahead.
“Cool temperatures in the Midwest and Delta would maintain low heat threats and would favor corn pollination,” Maxar said in a note.
The move came as US data Thursday showed that cheaper crop prices have stimulated demand. Weekly export sales of roughly 924,000 metric tons were the largest since early June, according to the US Department of Agriculture. Separately, the department reported a daily sale of 510,000 tons of soybeans — the biggest such sale since November.
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