Corn falls in Chicago despite positive fundamentals

Corn traded on the Chicago Board of Trade closed lower on Thursday, despite positive news for the market. The December contract fell 0.76 percent, or 3.25 cents per bushel, to $426.50, while March dropped 0.85 percent, or 3.75 cents per bushel, to $437.75. The prices followed the general downward trend observed in other commodities such as soybeans, wheat, and meal, all with losses exceeding 1 percent on the day. According to TF Agroeconômica, the market is operating within a sideways range due to the combination of abundant supply and high consumption. The record U.S. crop requires unprecedented performance to avoid an increase in stocks. USDA projected exports of 78.11 million tons, indicating a possible record, while domestic use for feed and ethanol is also expected to grow. The weekly report showed shipments of 2,259,000 tons between September 26 and October 2, close to the upper limit expected by traders. Another supportive factor comes from ethanol. August Census data point ...