US corn futures fall on fading hope for new exports

Corn led grain prices lower Thursday (April 8) on waning market speculation that China may be interested in buying US corn.

The decline was mirrored across most commodities as the dollar rose and worries about Greece's debt problems persisted another day.

Corn for May delivery fell 8.25 cents to settle at US$3.4825 a bushel, giving back most of the previous day's 10-cent gain.

With corn supplies already adequate, there are signs that some Midwest farmers may begin planting the spring crop as early as next week. That could set the stage for a potentially large supply, according to analysts.

That is why investors embraced speculation Wednesday that China may want to import US corn. But the talk faded away Thursday, which sent corn prices down, analysts said.

Meanwhile, wheat for July delivery fell 6.25 cents to settle at US$4.8250 a bushel and May soy fell 6 cents to US$9.465 a bushel.