CBOT corn futures fall for 2nd week on doubts over U.S. growing weather - traders

Reuters | Updated: Jul 27, 2019, 1:54 IST

CHICAGO, July 26 (Reuters) - Chicago Board of Trade (CBOT) corn futures ended the week lower, with corn futures falling for a third straight session on Friday, as traders reacted to sluggish U.S. export data and questions about U.S. growing weather over the weekend. * CBOT September corn settled down 4 cents at $4.14-1/2 per bushel. * New-crop December settled down 3 cents to end at $4.24-1/2 per bushel. * For the week, the September contract fell 16.25 cents per bushel or about 3.8%, its second consecutive weekly decline. * Traders said they were starting to doubt that much of the U.S. Midwest would see rainfall in the coming days - precipitation needed by the pollinating corn plants. * Threats to production remain as forecasts of very hot and dry weather could return to the U.S. Midwest in the next two weeks, particularly in parts of producing states Illinois, Iowa and Indiana, Commodity Weather Group said. * The U.S. Department of Agriculture reported export sales of old-crop U.S. corn in the week to July 18 at 121,200 tonnes, down 59% from the prior four-week average. * The supplement to the CFTC's weekly commitments report showed large speculators slashed their net long position in CBOT corn futures by more than 32,000 contracts in the week to July 25, to 108,859 lots. Last Net Pct Low High Volume chng chng CU9 CORN SEP9 414.50 -4.00 -1.1 413.00 419.50 101738 CZ9 CORN DEC9 424.50 -3.00 -0.8 423.50 428.00 114315 1ZEQ9 ETHANOL 1.469 -0.003 -0.2 1.459 1.470 39 AUG9 1ZEU9 ETHANOL 1.500 0.010 0.7 1.479 1.500 57 SEP9 (Reporting by P.J. Huffstutter; Editing by Richard Chang)

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