On June 1, according to foreign media reports, the Chicago Board of Trade (CBOT) corn futures market closed down steadily on Wednesday, with the benchmark futures closing flat and the monthly line up 1.50%.
Corn’s losses were capped by short covering as macroeconomic concerns fueled worries about demand for the commodity, though traders turned to weather risks in the Midwest.
The most active trading range for the July contract is 577.50 cents to 594.75 cents. The intraday benchmark fell as low as $5.7750, its lowest in a week.
Corn futures for May rose 1.54%, compared with a fall of 11.43% in April.
A report released by the consulting agency Agritel shows that in the context of the global economic downturn, all commodity prices are falling sharply.
A stronger dollar also added to the bearish sentiment in the market. A stronger dollar typically makes dollar-denominated commodities less attractive in global markets.
