US Corn Down On Weak Sentiments In Wheat Market

Corn futures were lower on Friday. March futures were 6 3/4 cents lower at $6.44. The May contract closed 6 1/2 cents lower at $6.54 1/2. December 2011 was 6 1/4 cents lower at $5.76 1/2.

The setback in corn prices late this week was largely in sympathy with weakness in the wheat market. Wheat prices were due for a correction after soaring on a surge in import demand from North Africa and the Middle East as governments there boost wheat imports in an attempt to curb unrest over rising food prices among other things. Futures lower Friday despite steep gains in crude oil and precious metals.

The Energy Information Agency reported November ethanol production at 1.165 billion gallons. Ethanol production in November increased 15% from a year ago and implies a corn grind for ethanol for the month at 417 million bushels and is in line with USDA's estimate for the Sep-Nov period. Ethanol use for the month was down 2% from October but 10% above a year ago.

(Source: http://www.indiainfoline.com/Markets/News/US-Corn-Down-On-Weak-Sentiments-In-Wheat-Market/3512832015)