CANBERRA- Chicago corn futures edged lower on Thursday as ample supply, despite US shippers reporting their biggest daily export sale in more than a year, continued to weigh on prices.
Soybean futures also fell, reaching their lowest since late August as rain in South America improved the supply outlook, while wheat was little changed.
The most-active corn contract on the Chicago Board of Trade was down 0.2 percent at $4.04 a bushel at 0541 GMT, with CBOT soybeans 0.3 percent lower at $9.77 a bushel and wheat slipping 0.1 percent to $5.84-1/2 a bushel.
All three have been pressured by a strengthening US dollar, massive ongoing US corn and soy harvests and rain in key export hubs South America and the Black Sea.
Prices are not far from four-year lows reached earlier this year.
“There’s a lot of corn around and Chinese demand for grains more broadly is weak because their economy is sluggish,” said Commonwealth Bank analyst Dennis Voznesenski.
Corn prices edged higher on Wednesday after the US Department of Agriculture (USDA) said US exporters had sold 1.6 million metric tons of US corn to Mexico.
